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Parent Company Only Financial Statements | 12 Months Ended
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Dec. 31, 2020
Parent Company Only Financial Statements |
Parent Company Only Financial Statements | NOTE 28 Parent Company Only Financial Statements The condensed financial statements of Alerus Financial Corporation (parent company only) are presented below. These statements should be read in conjunction with the Notes to the Consolidated Financial Statements Alerus Financial Corporation Parent Company Condensed Balance Sheets ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
(dollars in thousands) |  | 2020 |  | 2019
Assets |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 76,701 | ​ | $ | 73,647
Land, premises and equipment, net | ​ |  | 202 | ​ |  | 318
Investment in subsidiaries | ​ |  | 316,789 | ​ |  | 274,878
Deferred income taxes, net | ​ |  | 1,007 | ​ |  | 998
Other assets | ​ |  | 589 | ​ |  | 1,034
Total assets | ​ | $ | 395,288 | ​ | $ | 350,875
Liabilities and Stockholders’ Equity | ​ |  |  | ​ |  |
Long‑term debt | ​ | $ | 58,735 | ​ | $ | 58,769
Accrued expenses and other liabilities | ​ |  | 6,390 | ​ |  | 6,378
Total liabilities | ​ |  | 65,125 | ​ |  | 65,147
Stockholders’ equity | ​ |  | 330,163 | ​ |  | 285,728
Total stockholders’ equity | ​ |  | 330,163 | ​ |  | 285,728
Total liabilities and stockholders’ equity | ​ | $ | 395,288 | ​ | $ | 350,875
​ Alerus Financial Corporation Parent Company Condensed Statements of Income ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
(dollars in thousands) |  | 2020 |  | 2019 |  | 2018
Income |  | ​ |  |  | ​ |  |  | ​ |
Dividends from subsidiaries | ​ | $ | 16,000 | ​ | $ | 15,000 | ​ | $ | 11,470
Other income | ​ |  | 10 | ​ |  | 15 | ​ |  | 14
Total operating income | ​ |  | 16,010 | ​ |  | 15,015 | ​ |  | 11,484
Expenses | ​ |  | 6,057 | ​ |  | 5,999 | ​ |  | 5,964
Income before equity in undistributed income | ​ |  | 9,953 | ​ |  | 9,016 | ​ |  | 5,520
Equity in undistributed income of subsidiaries | ​ |  | 33,208 | ​ |  | 19,089 | ​ |  | 18,852
Income before income taxes | ​ |  | 43,161 | ​ |  | 28,105 | ​ |  | 24,372
Income tax benefit | ​ |  | 1,514 | ​ |  | 1,435 | ​ |  | 1,494
Net income | ​ | $ | 44,675 | ​ | $ | 29,540 | ​ | $ | 25,866
​ ​ Alerus Financial Corporation Parent Company Condensed Statements of Cash Flows ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
(dollars in thousands) |  | 2020 |  | 2019 |  | 2018
Operating activities |  | ​ |  |  | ​ |  |  | ​ |
Net income | ​ | $ | 44,675 | ​ | $ | 29,540 | ​ | $ | 25,866
Adjustments to reconcile net income to net cash provided by operating activities | ​ |  |  | ​ |  |  | ​ |  |
Equity in undistributed income of subsidiaries | ​ |  | (33,208) | ​ |  | (19,089) | ​ |  | (18,852)
Depreciation and amortization | ​ |  | 116 | ​ |  | 115 | ​ |  | 116
Stock‑based compensation cost | ​ |  | 1,927 | ​ |  | 251 | ​ |  | 370
Other, net | ​ |  | 414 | ​ |  | 2,676 | ​ |  | 1,314
Net cash provided by operating activities | ​ |  | 13,924 | ​ |  | 13,493 | ​ |  | 8,814
Investing activities | ​ |  |  | ​ |  |  | ​ |  |
Investment in bank subsidiary | ​ |  | — | ​ |  | — | ​ |  | —
Acquisitions, net cash acquired | ​ |  | — | ​ |  | — | ​ |  | —
Net cash provided by investing activities | ​ |  | — | ​ |  | — | ​ |  | —
Financing activities | ​ |  |  | ​ |  |  | ​ |  |
Cash dividends paid on common stock | ​ |  | (10,387) | ​ |  | (8,909) | ​ |  | (7,456)
Repurchase of common stock | ​ |  | (483) | ​ |  | (1,948) | ​ |  | (356)
Proceeds from the issuance of common stock in initial public offering net of issuance costs | ​ | ​ | — | ​ | ​ | 62,804 | ​ | ​ | —
Net cash provided by financing activities | ​ |  | (10,870) | ​ |  | 51,947 | ​ |  | (7,812)
Change in cash and cash equivalents | ​ |  | 3,054 | ​ |  | 65,440 | ​ |  | 1,002
Cash and cash equivalents at beginning of period | ​ |  | 73,647 | ​ |  | 8,207 | ​ |  | 7,205
Cash and cash equivalents at end of period | ​ | $ | 76,701 | ​ | $ | 73,647 | ​ | $ | 8,207
​

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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