ALERUS Financial Corporation (ALRS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no plano estratégico da Alerus Financial Corporation (ALRS), uma instituição financeira dinâmica que combina perfeitamente a sabedoria bancária tradicional com a inovação digital de ponta. Ao elaborar meticulosamente um modelo de negócios que prioriza soluções financeiras personalizadas, serviços locais orientados a relacionamentos e gerenciamento abrangente de patrimônio, a ALERUS se posicionou como uma potência financeira versátil que serve diversos segmentos de clientes, de pequenas empresas a indivíduos de alta rede. Esse modelo de negócios Exploration revela os intrincados mecanismos que impulsionam o sucesso da empresa, oferecendo a visão de um insider de como um provedor de serviços financeiros regional transforma paisagens financeiras complexas em experiências bancárias adaptadas e acessíveis.

ALERUS Financial Corporation (ALRS) - Modelo de negócios: Parcerias -chave

Provedores de tecnologia bancária

A Alerus Financial Corporation faz parceria com provedores de tecnologia específicos para aprimorar os recursos bancários digitais:

Parceiro de tecnologia	Serviço prestado	Ano de implementação
Fiserv, Inc.	Plataforma bancária principal	2022
Jack Henry & Associados	Soluções bancárias digitais	2021

Redes de negócios locais e regionais

As colaborações de negócios regionais estratégicas incluem:

• Câmara de Comércio de Dakota do Norte
• Parceria de Negócios de Minnesota
• Grand Forks Regional Economic Development Corporation

Empresas de gestão de investimentos e patrimônio

Empresa parceira	Tipo de colaboração	Ativos sob gestão
LPL Financial	Serviços de consultoria de investimentos	US $ 243 milhões (2023)
Raymond James	Plataforma de gerenciamento de patrimônio	US $ 187 milhões (2023)

Colaboradores do Serviço de Seguros

Detalhes da parceria de seguro:

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

Fintech Solution Partners

Fintech Company	Solução tecnológica	Data de implementação
Xadrez	Verificação da conta	2022
Listra	Processamento de pagamento	2023

ALERUS Financial Corporation (ALRS) - Modelo de negócios: Atividades -chave

Serviços de gerenciamento de patrimônio

Total de ativos sob gestão: US $ 5,8 bilhões a partir do quarto trimestre 2023

Categoria de serviço	Receita anual	Segmentos de clientes
Gestão de patrimônio pessoal	US $ 37,2 milhões	Indivíduos de alto patrimônio líquido
Planejamento de aposentadoria	US $ 22,5 milhões	Clientes corporativos e individuais

Bancos pessoais e comerciais

Portfólio de empréstimos totais: US $ 2,1 bilhões em 2023

• Volume de empréstimos comerciais: US $ 1,3 bilhão
• Contas bancárias pessoais: 87.456
• Usuários de banco digital: 62% da base de clientes

Administração do Plano de Benefícios para Empregados

Total de Planos de Benefícios dos Empregados gerenciados: 1.248 a partir de 2023

Tipo de plano	Número de planos	Total de ativos administrados
401 (k) planos	876	US $ 1,9 bilhão
Planos de benefícios definidos	372	US $ 650 milhões

Serviços de consultoria de investimentos

Total de Ativo de Consultoria de Investimento: US $ 4,3 bilhões em 2023

• Clientes de consultoria institucional: 215
• Tamanho médio do portfólio: US $ 20,5 milhões
• Diversificação da estratégia de investimento em 12 setores diferentes

Empréstimos hipotecários e serviços imobiliários

Volume total de originação hipotecária: US $ 425 milhões em 2023

Tipo de hipoteca	Volume	Tamanho médio do empréstimo
Hipotecas residenciais	US $ 312 milhões	$287,000
Imóveis comerciais	US $ 113 milhões	US $ 1,2 milhão

ALERUS Financial Corporation (ALRS) - Modelo de negócios: Recursos -chave

Experiência financeira de funcionários profissionais

No quarto trimestre 2023, a Alerus Financial Corporation empregou 497 funcionários equivalentes em tempo integral. A quebra da força de trabalho da empresa inclui:

Categoria de pessoal	Número de funcionários
Consultores financeiros	87
Profissionais bancários	213
Equipe de tecnologia	76
Suporte administrativo	121

Plataformas bancárias digitais avançadas

Investimento de infraestrutura de tecnologia para plataformas digitais em 2023:

• Investimento em tecnologia total: US $ 6,3 milhões
• Orçamento de desenvolvimento da plataforma bancária digital: US $ 2,1 milhões
• Infraestrutura de segurança cibernética: US $ 1,4 milhão

Forte presença do mercado regional

Cobertura do mercado geográfico a partir de 2024:

Estado	Número de ramificações	Total de depósitos
Dakota do Norte	22	US $ 1,2 bilhão
Minnesota	15	US $ 875 milhões
Arizona	7	US $ 412 milhões

Infraestrutura de tecnologia robusta

Alocação de recursos tecnológicos para 2024:

• Infraestrutura de computação em nuvem: US $ 1,8 milhão
• Manutenção do data center: US $ 1,2 milhão
• Licenciamento e atualizações de software: US $ 950.000

Portfólio de serviços financeiros diversificados

Redução de receita por segmento de serviço em 2023:

Segmento de serviço	Receita total	Porcentagem da receita total
Serviços bancários	US $ 87,4 milhões	42%
Gestão de patrimônio	US $ 62,6 milhões	30%
Serviços de hipoteca	US $ 38,2 milhões	18%
Serviços de confiança e investimento	US $ 20,1 milhões	10%

ALERUS Financial Corporation (ALRS) - Modelo de negócios: proposições de valor

Soluções financeiras personalizadas

A partir do quarto trimestre 2023, a Alerus Financial Corporation oferece soluções financeiras personalizadas com uma carteira de empréstimos total de US $ 1,87 bilhão. O banco fornece produtos bancários personalizados em vários segmentos.

Categoria de produto	Valor total	Segmentos de clientes
Bancos pessoais	US $ 612 milhões	Consumidores individuais
Banking de negócios	US $ 1,258 bilhão	Pequenas a médias empresas

Gerenciamento abrangente de patrimônio

Aleus gerencia US $ 3,4 bilhões em ativos de gerenciamento de patrimônio em dezembro de 2023.

• Serviços de planejamento de aposentadoria
• Gerenciamento de portfólio de investimentos
• Consulta de planejamento imobiliário
• Administração de conta de aposentadoria

Bancos locais orientados por relacionamento

Operando em 3 estados: Dakota do Norte, Minnesota e Arizona, com 26 locais bancários físicos.

Estado	Número de ramificações	Penetração de mercado
Dakota do Norte	15	62%
Minnesota	8	38%
Arizona	3	12%

Serviços de planejamento financeiro integrado

Total de clientes de consultoria financeira: 8.750 a partir de 2023, com o valor médio da conta de US $ 475.000.

• Avaliação Financeira Abrangente
• Planejamento de estratégia tributária
• Estratégias de renda da aposentadoria
• Consultoria em gerenciamento de riscos

Opções bancárias digitais e tradicionais flexíveis

A plataforma bancária digital serve 45.000 usuários de bancos on -line ativos com US $ 1,2 bilhão em volume de transações digitais para 2023.

Serviço digital	Adoção do usuário	Volume de transação
Mobile Banking	32.000 usuários	US $ 780 milhões
Bancos online	45.000 usuários	US $ 1,2 bilhão
Pagamentos digitais	22.000 usuários	US $ 420 milhões

ALERUS Financial Corporation (ALRS) - Modelo de Negócios: Relacionamentos do Cliente

Representantes bancários pessoais dedicados

A Alerus Financial fornece representantes bancários personalizados em seus três mercados primários:

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

Consultoria financeira personalizada

A Alerus oferece serviços especializados de consultoria financeira com os seguintes segmentos de clientes:

• Clientes de gerenciamento de patrimônio: 7.523
• Serviços de planejamento de aposentadoria: 4.812
• Consultoria Banking Banking: 1.245

Suporte bancário online e móvel

Plataforma digital	Usuários ativos	Transações anuais
Aplicativo bancário móvel	52,367	1,243,890
Portal bancário online	68,214	2,156,743

Revisões financeiras regulares de clientes

Frequência de revisões financeiras do cliente:

• Revisões trimestrais: 35% dos clientes de alta rede
• Revisões semestrais: 45% dos clientes bancários de negócios
• Revisões anuais: 20% dos clientes bancários padrão

Estratégias de engajamento focadas na comunidade

Tipo de engajamento	Investimento anual	Eventos da comunidade
Patrocínios locais	$327,500	42
Programas de educação financeira	$189,000	26

ALERUS Financial Corporation (ALRS) - Modelo de Negócios: Canais

Plataforma bancária online

A partir de 2024, a Alerus Financial oferece uma plataforma bancária on -line abrangente com as seguintes características:

Métrica da plataforma	Dados específicos
Usuários bancários online ativos	42.587 usuários
Volume anual de transação digital	3,2 milhões de transações
Recursos de segurança da plataforma	Criptografia de 256 bits

Aplicativo bancário móvel

O aplicativo Banking Mobile Banking da Alerus Financial fornece:

• Monitoramento de contas em tempo real
• Depósito de cheque móvel
• Serviços de pagamento da conta
• Recursos de transferência ponto a ponto

Estatística de aplicativo móvel	Valor
Usuários mensais de aplicativos móveis ativos	28.345 usuários
App Store Classificação	4.6/5

Locais de ramificação física

Alerus Financial mantém a presença física em vários estados:

Tipo de localização	Número
Locais totais de ramificação	36 ramos
Estados com ramos	Minnesota, Dakota do Norte
Equipe de filiais médias	7-9 funcionários por local

Serviços bancários telefônicos

Métricas de canal bancário telefônico:

Métrica bancária telefônica	Data Point
Volume mensal de chamada	12.450 interações com os clientes
Tempo médio de espera	3,2 minutos
Representantes de atendimento ao cliente	45 funcionários dedicados

Ferramentas de comunicação digital

Os canais de comunicação digital incluem:

• Suporte por e -mail
• Plataforma de mensagens segura
• Atendimento ao cliente de mídia social
• Funcionalidade de bate -papo ao vivo

Métrica de comunicação digital	Valor
Interações mensais de e -mail	8.675 comunicações do cliente
Tempo médio de resposta	2,7 horas

ALERUS Financial Corporation (ALRS) - Modelo de negócios: segmentos de clientes

Pequenas e médias empresas

A partir do quarto trimestre de 2023, a Alerus Financial atende aproximadamente 2.500 clientes comerciais pequenos e médios em Dakota do Norte, Minnesota e Arizona.

Segmento de negócios	Número de clientes	Tamanho médio de empréstimo comercial
Negócios de varejo	1,200	$375,000
Serviços profissionais	850	$485,000
Fabricação	450	$625,000

Clientes bancários de varejo individuais

A Alerus Financial atende a 87.500 clientes bancários de varejo individuais em suas regiões operacionais.

• Saldo médio da conta de verificação pessoal: US $ 12.750
• Contas totais de depósito pessoal: 62.300
• Usuários do Banco Digital: 53.400 (61% da base total de clientes)

Indivíduos de alta rede

O banco mantém 1.250 relacionamentos com clientes de alto patrimônio líquido com ativos totais sob gerenciamento de US $ 425 milhões.

Suporte de riqueza	Número de clientes	Valor médio do portfólio
$ 1m - US $ 5m	875	US $ 2,3M
US $ 5 milhões - US $ 10 milhões	250	US $ 6,5M
US $ 10 milhões+	125	US $ 15,2M

Patrocinadores do Plano de Benefícios para funcionários

A Alerus Financial gerencia planos de aposentadoria para 1.850 patrocinadores do plano corporativo.

• Plano de aposentadoria total ativos: US $ 3,2 bilhões
• Tamanho médio do plano: US $ 1,73 milhão
• Número de participantes individuais: 62.500

Clientes corporativos locais e regionais

A corporação atende a 425 clientes bancários corporativos em seus mercados regionais.

Segmento corporativo	Número de clientes	Linha de crédito médio
Corporações regionais	275	US $ 5,6 milhões
Empresas locais	150	US $ 2,3 milhões

ALERUS Financial Corporation (ALRS) - Modelo de negócios: Estrutura de custos

Manutenção de infraestrutura de tecnologia

Despesas anuais de infraestrutura de tecnologia para a Alerus Financial Corporation em 2023: US $ 4,2 milhões

Categoria de custo de tecnologia	Despesas anuais
Manutenção de sistemas de TI	US $ 1,8 milhão
Infraestrutura de segurança cibernética	US $ 1,3 milhão
Licenciamento de software	$685,000
Infraestrutura de rede	$415,000

Compensação e treinamento da equipe

Compensação total da equipe para 2023: US $ 52,6 milhões

• Salário médio de funcionários: US $ 68.500
• Alocação de benefícios dos funcionários: 22% da compensação total
• Orçamento anual de treinamento e desenvolvimento: US $ 1,4 milhão

Despesas operacionais de ramificação

Custos operacionais de ramificação total em 2023: US $ 12,3 milhões

Categoria de despesa operacional	Custo anual
Aluguel e utilitários	US $ 5,6 milhões
Manutenção da filial	US $ 2,9 milhões
Equipamentos e suprimentos	US $ 1,8 milhão
Segurança da filial	US $ 2 milhões

Conformidade e custos regulatórios

Despesas anuais de conformidade: US $ 3,7 milhões

• Consultoria legal e regulatória: US $ 1,2 milhão
• Software e sistemas de conformidade: US $ 850.000
• Despesas de auditoria e relatório: US $ 1,65 milhão

Despesas de marketing e aquisição de clientes

Orçamento total de marketing para 2023: US $ 6,5 milhões

Categoria de despesa de marketing	Alocação anual
Marketing digital	US $ 2,3 milhões
Publicidade tradicional	US $ 1,7 milhão
Campanhas de aquisição de clientes	US $ 1,5 milhão
Tecnologia de marketing	US $ 1 milhão

ALERUS Financial Corporation (ALRS) - Modelo de negócios: fluxos de receita

Receita de juros de empréstimos

Para o ano fiscal de 2023, a Alerus Financial Corporation registrou receita total de juros de US $ 138,9 milhões. A repartição da receita de juros do empréstimo é a seguinte:

Categoria de empréstimo	Receita de juros ($ m)
Empréstimos comerciais	62.4
Empréstimos hipotecários residenciais	45.3
Empréstimos ao consumidor	31.2

Taxas de serviço bancário

As taxas de serviço bancário para 2023 totalizaram US $ 24,7 milhões, com a seguinte estrutura de taxas:

• Taxas de manutenção de conta: US $ 8,6 milhões
• Taxas de transação: US $ 7,2 milhões
• Taxas de cheque especial: US $ 5,3 milhões
• Outros serviços bancários: US $ 3,6 milhões

Comissões de gerenciamento de patrimônio

A receita de gestão de patrimônio para 2023 atingiu US $ 42,5 milhões, segmentada como:

Serviço de gerenciamento de patrimônio	Receita da Comissão ($ M)
Gestão de ativos	22.1
Planejamento financeiro	12.3
Planejamento de aposentadoria	8.1

Receitas de consultoria de investimentos

As receitas de consultoria em investimentos para 2023 foram de US $ 18,6 milhões, com a seguinte distribuição:

• Serviços de consultoria institucional: US $ 10,2 milhões
• Aviso de investimento individual: US $ 6,4 milhões
• Aviso de investimento alternativo: US $ 2,0 milhões

Taxas de transação de empréstimos hipotecários

As taxas de transação de empréstimos hipotecários para 2023 totalizaram US $ 15,3 milhões, estruturados da seguinte forma:

Tipo de transação hipotecária	Receita de taxa ($ m)
Origem da hipoteca residencial	9.7
Taxas de refinanciamento	4.2
Outros serviços de hipoteca	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.