Alerus Financial Corporation ALRS reported net income of $9.6 million for the third quarter of 2022, or $0.47 per diluted common share, compared to net income of $9.3 million, or $0.52 per diluted common share for the Q2 2022 and net income of $13.1 million, or $0.74 per diluted common share, for the third quarter of 2021. Excluding the acquisition of Metro Phoenix Bank, earnings per diluted common share were $0.54 for the third quarter of 2022 .
CEO Comments
President and Chief Executive Officer Katie Lorenson said, “We ended the quarter with net income of $9.6 million; this included $1.8 million in merger charges as we completed and transitioned the acquisition of Metro Phoenix Bank during the quarter. The seamless integration of Metro Phoenix Bank marks a historic milestone as the company’s twenty-fifth acquisition.
Our financial results were highlighted by strong loan growth during the quarter, driven by the addition of new team members and the expansion of existing client relationships. In recent years we have continued to invest in our credit talent and infrastructure. We have improved our credit standards and deepened our credit risk management to prepare for improved organic credit growth. The company’s historical net depreciation rate is 27 basis points and dates back over 25 years. Prudent credit underwriting and customer selection remain a key lending focus given the uncertainty of the current economic cycle.
We continue to strategically position the company as the economic environment continues to evolve. We believe our diversified business model with recurring revenue streams, strong capital levels, liquidity profile and underwriting culture will continue to differentiate us from the rest of the industry. I know our team will respond to any challenge, and I’m proud of their ongoing commitment to our customers and communities, and to delivering positive outcomes for our shareholders.”
Quarterly…
