Overview

* Alerus Q3 net income of $16.9 mln beats analyst expectations

* Adjusted EPS for Q3 beats consensus

* Net interest income reaches record $43.1 mln, driven by loan and deposit growth

Outlook

* Company did not provide specific guidance for future quarters or full year

Result Drivers

* ORGANIC GROWTH - Strong growth in loans and deposits drove record net interest income of $43.1 mln

* STRATEGIC ACQUISITIONS - HMNF acquisition and commercial wealth bank expansion enhanced earning assets and income

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $0.66 $0.59 (5

Adjusted Analysts

EPS )

Q3 EPS $0.65

Q3 Net Beat $16.90 $15.20

Income mln mln (5

Analysts

)

Q3 Net $43.10

Interest mln

Income

Q3 Net 3.50%

Interest

Margin

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the banks peer group is "buy."

* Wall Street's median 12-month price target for Alerus Financial Corp ( ALRS ) is $25.50, about 17.8% above its October 29 closing price of $20.97

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)