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Parent Company Only Financial Statements | 12 Months Ended
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Dec. 31, 2022
Parent Company Only Financial Statements |
Parent Company Only Financial Statements | NOTE 29 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) |  | 2022 |  | 2021
Assets |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 84,017 | ​ | $ | 81,753
Land, premises and equipment, net | ​ |  | — | ​ |  | 87
Investment in subsidiaries | ​ |  | 338,595 | ​ |  | 342,538
Deferred income taxes, net | ​ |  | 904 | ​ |  | 1,000
Other assets | ​ |  | 487 | ​ |  | 655
Total assets | ​ | $ | 424,003 | ​ | $ | 426,033
Liabilities and Stockholders’ Equity | ​ |  |  | ​ |  |
Long‑term debt | ​ | $ | 58,843 | ​ | $ | 58,933
Accrued expenses and other liabilities | ​ |  | 8,288 | ​ |  | 7,697
Total liabilities | ​ |  | 67,131 | ​ |  | 66,630
Stockholders’ equity | ​ |  | 356,872 | ​ |  | 359,403
Total stockholders’ equity | ​ |  | 356,872 | ​ |  | 359,403
Total liabilities and stockholders’ equity | ​ | $ | 424,003 | ​ | $ | 426,033
​ Alerus Financial Corporation Parent Company Condensed Statements of Income ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
(dollars in thousands) |  | 2022 |  | 2021 |  | 2020
Income |  | ​ |  |  | ​ |  |  | ​ |
Dividends from subsidiaries | ​ | $ | 18,500 | ​ | $ | 16,000 | ​ | $ | 16,000
Other income | ​ |  | 16 | ​ |  | 4 | ​ |  | 10
Total operating income | ​ |  | 18,516 | ​ |  | 16,004 | ​ |  | 16,010
Expenses | ​ |  | 6,583 | ​ |  | 5,293 | ​ |  | 6,057
Income before equity in undistributed income | ​ |  | 11,933 | ​ |  | 10,711 | ​ |  | 9,953
Equity in undistributed income of subsidiaries | ​ |  | 26,424 | ​ |  | 40,642 | ​ |  | 33,208
Income before income taxes | ​ |  | 38,357 | ​ |  | 51,353 | ​ |  | 43,161
Income tax benefit | ​ |  | 1,648 | ​ |  | 1,328 | ​ |  | 1,514
Net income | ​ | $ | 40,005 | ​ | $ | 52,681 | ​ | $ | 44,675
​ ​ Alerus Financial Corporation Parent Company Condensed Statements of Cash Flows ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
(dollars in thousands) |  | 2022 |  | 2021 |  | 2020
Operating activities |  | ​ |  |  | ​ |  |  | ​ |
Net income | ​ | $ | 40,005 | ​ | $ | 52,681 | ​ | $ | 44,675
Adjustments to reconcile net income to net cash provided by operating activities | ​ |  |  | ​ |  |  | ​ |  |
Equity in undistributed income of subsidiaries | ​ |  | (26,424) | ​ |  | (40,642) | ​ |  | (33,208)
Depreciation and amortization | ​ |  | 87 | ​ |  | 115 | ​ |  | 116
Stock‑based compensation cost | ​ |  | 1,904 | ​ |  | 3,095 | ​ |  | 1,927
Other, net | ​ |  | 419 | ​ |  | 1,266 | ​ |  | 413
Net cash provided by operating activities | ​ |  | 15,991 | ​ |  | 16,515 | ​ |  | 13,923
Investing activities | ​ |  |  | ​ |  |  | ​ |  |
Investment in bank subsidiary | ​ |  | — | ​ |  | — | ​ |  | —
Net cash (paid) for business combinations | ​ |  | (189) | ​ |  | — | ​ |  | —
Net cash provided by investing activities | ​ |  | (189) | ​ |  | — | ​ |  | —
Financing activities | ​ |  |  | ​ |  |  | ​ |  |
Cash dividends paid on common stock | ​ |  | (12,800) | ​ |  | (10,751) | ​ |  | (10,387)
Repurchase of common stock | ​ |  | (738) | ​ |  | (712) | ​ |  | (482)
Net cash provided by financing activities | ​ |  | (13,538) | ​ |  | (11,463) | ​ |  | (10,869)
Change in cash and cash equivalents | ​ |  | 2,264 | ​ |  | 5,052 | ​ |  | 3,054
Cash and cash equivalents at beginning of period | ​ |  | 81,753 | ​ |  | 76,701 | ​ |  | 73,647
Cash and cash equivalents at end of period | ​ | $ | 84,017 | ​ | $ | 81,753 | ​ | $ | 76,701
​

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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 https://asc.fasb.org/extlink&oid=126898705&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 https://asc.fasb.org/extlink&oid=126929396&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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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