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Parent Company Only Financial Statements | 12 Months Ended
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Dec. 31, 2023
Parent Company Only Financial Statements |
Parent Company Only Financial Statements | NOTE 30 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) |  | 2023 |  | 2022
Assets |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 70,853 | ​ | $ | 84,017
Investment in subsidiaries | ​ |  | 354,303 | ​ |  | 338,595
Deferred income taxes, net | ​ |  | 757 | ​ |  | 904
Other assets | ​ |  | 9,968 | ​ |  | 487
Total assets | ​ | $ | 435,881 | ​ | $ | 424,003
Liabilities and Stockholders’ Equity | ​ |  |  | ​ |  |
Long‑term debt | ​ | $ | 58,956 | ​ | $ | 58,843
Accrued expenses and other liabilities | ​ |  | 7,798 | ​ |  | 8,288
Total liabilities | ​ |  | 66,754 | ​ |  | 67,131
Stockholders’ equity | ​ |  | 369,127 | ​ |  | 356,872
Total stockholders’ equity | ​ |  | 369,127 | ​ |  | 356,872
Total liabilities and stockholders’ equity | ​ | $ | 435,881 | ​ | $ | 424,003
​ Alerus Financial Corporation Parent Company Condensed Statements of Income ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
(dollars in thousands) |  | 2023 |  | 2022 |  | 2021
Income |  | ​ |  |  | ​ |  |  | ​ |
Dividends from subsidiaries | ​ | $ | 21,000 | ​ | $ | 18,500 | ​ | $ | 16,000
Other income | ​ |  | 24 | ​ |  | 16 | ​ |  | 4
Total operating income | ​ |  | 21,024 | ​ |  | 18,516 | ​ |  | 16,004
Expenses | ​ |  | 6,043 | ​ |  | 6,583 | ​ |  | 5,293
Income before equity in undistributed income | ​ |  | 14,981 | ​ |  | 11,933 | ​ |  | 10,711
Equity in undistributed income of subsidiaries | ​ |  | (4,826) | ​ |  | 26,424 | ​ |  | 40,642
Income before income taxes | ​ |  | 10,155 | ​ |  | 38,357 | ​ |  | 51,353
Income tax benefit | ​ |  | 1,541 | ​ |  | 1,648 | ​ |  | 1,328
Net income | ​ | $ | 11,696 | ​ | $ | 40,005 | ​ | $ | 52,681
​ ​ Alerus Financial Corporation Parent Company Condensed Statements of Cash Flows ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
(dollars in thousands) |  | 2023 |  | 2022 |  | 2021
Operating activities |  | ​ |  |  | ​ |  |  | ​ |
Net income | ​ | $ | 11,696 | ​ | $ | 40,005 | ​ | $ | 52,681
Adjustments to reconcile net income to net cash provided by operating activities | ​ |  |  | ​ |  |  | ​ |  |
Equity in undistributed income of subsidiaries | ​ |  | 4,826 | ​ |  | (26,424) | ​ |  | (40,642)
Depreciation and amortization | ​ |  | — | ​ |  | 87 | ​ |  | 115
Stock‑based compensation cost | ​ |  | 1,628 | ​ |  | 1,904 | ​ |  | 3,095
Other, net | ​ |  | (9,854) | ​ |  | 419 | ​ |  | 1,266
Net cash provided by operating activities | ​ |  | 8,296 | ​ |  | 15,991 | ​ |  | 16,515
Investing activities | ​ |  |  | ​ |  |  | ​ |  |
Net cash (paid) for business combinations | ​ |  | — | ​ |  | (189) | ​ |  | —
Net cash provided by investing activities | ​ |  | — | ​ |  | (189) | ​ |  | —
Financing activities | ​ |  |  | ​ |  |  | ​ |  |
Cash dividends paid on common stock | ​ |  | (14,822) | ​ |  | (12,800) | ​ |  | (10,751)
Repurchase of common stock | ​ |  | (6,638) | ​ |  | (738) | ​ |  | (712)
Net cash provided by financing activities | ​ |  | (21,460) | ​ |  | (13,538) | ​ |  | (11,463)
Change in cash and cash equivalents | ​ |  | (13,164) | ​ |  | 2,264 | ​ |  | 5,052
Cash and cash equivalents at beginning of period | ​ |  | 84,017 | ​ |  | 81,753 | ​ |  | 76,701
Cash and cash equivalents at end of period | ​ | $ | 70,853 | ​ | $ | 84,017 | ​ | $ | 81,753
​

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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 -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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