<SEC-DOCUMENT>0001104659-24-012281.txt : 20240208
<SEC-HEADER>0001104659-24-012281.hdr.sgml : 20240208
<ACCEPTANCE-DATETIME>20240208160525
ACCESSION NUMBER:		0001104659-24-012281
CONFORMED SUBMISSION TYPE:	5
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20231231
FILED AS OF DATE:		20240208
DATE AS OF CHANGE:		20240208

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Taylor Karin M
		CENTRAL INDEX KEY:			0001786851
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		5
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39036
		FILM NUMBER:		24608982

	MAIL ADDRESS:	
		STREET 1:		401 DEMERS AVENUE
		CITY:			GRAND FORKS
		STATE:			ND
		ZIP:			58201

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALERUS FINANCIAL CORP
		CENTRAL INDEX KEY:			0000903419
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				450375407
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		401 DEMERS AVE
		CITY:			GRAND FORKS
		STATE:			ND
		ZIP:			58201
		BUSINESS PHONE:		7017953200

	MAIL ADDRESS:	
		STREET 1:		PO BOX 6001
		STREET 2:		401 DEMERS AVE
		CITY:			GRAND FORKS
		STATE:			ND
		ZIP:			58206-6001

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST NATIONAL CORP NORTH DAKOTA
		DATE OF NAME CHANGE:	19980312
</SEC-HEADER>
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<DESCRIPTION>OWNERSHIP DOCUMENT
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<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>5</documentType>

    <periodOfReport>2023-12-31</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <form3HoldingsReported>0</form3HoldingsReported>

    <form4TransactionsReported>0</form4TransactionsReported>

    <issuer>
        <issuerCik>0000903419</issuerCik>
        <issuerName>ALERUS FINANCIAL CORP</issuerName>
        <issuerTradingSymbol>ALRS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001786851</rptOwnerCik>
            <rptOwnerName>Taylor Karin M</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>401 DEMERS AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>GRAND FORKS</rptOwnerCity>
            <rptOwnerState>ND</rptOwnerState>
            <rptOwnerZipCode>58201</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Executive Vice President &amp; CRO</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Restricted Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2023-02-21</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>5319</value>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>5319</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5319</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Each restricted stock unit represents a contingent right to receive one share of Alerus Financial Corporation common stock.</footnote>
        <footnote id="F2">Includes 2,128 restricted stock units that have time-based vesting components. Includes 3,191 restricted stock units that have performance-based vesting components.</footnote>
        <footnote id="F3">The time-based restricted stock units vest on February 21, 2026. The performance-based restricted stock units vest on February 21, 2026, so long as Alerus Financial Corporation meets certain total stockholder return goals.</footnote>
    </footnotes>

    <remarks>Exhibit 24 - Power of Attorney.</remarks>

    <ownerSignature>
        <signatureName>/s/ Nicholas Brenckman, by power of attorney</signatureName>
        <signatureDate>2024-02-08</signatureDate>
    </ownerSignature>
</ownershipDocument>
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<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>tm245214d4_ex24.htm
<DESCRIPTION>EXHIBIT 24
<TEXT>
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<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 24</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">POWER OF ATTORNEY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Know all by these presents,
that the undersigned hereby constitutes and appoints each of Nick Brenckman, Meredith Blee and Kelsey Tosheff, each with full power and
authority to act alone, as the undersigned&rsquo;s true and lawful attorney-in-fact to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">prepare,
execute for and on behalf of the undersigned, and submit to the United States Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;)
a Form&nbsp;ID, including amendments thereto, and any other documents necessary or appropriate to obtain codes and passwords enabling
the undersigned to make electronic filings with the Commission of reports required by Section&nbsp;16(a)&nbsp;of the Securities Exchange
Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), or any rule&nbsp;or regulation of the Commission;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">execute
for and on behalf of the undersigned, in the undersigned&rsquo;s capacity as a reporting person of Alerus Financial Corporation (the &ldquo;<B>Company</B>&rdquo;),
Forms 3, 4 and 5 in accordance with Section&nbsp;16(a)&nbsp;of the Exchange Act and the rules&nbsp;thereunder, or Forms 144 pursuant to
the Exchange Act;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">do
and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any such
Form&nbsp;3, 4, 5, or Form&nbsp;144 including any amendment or amendments thereto and file such form with the Commission and the applicable
stock exchange or similar authority;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">seek
or obtain, as the undersigned&rsquo;s representative and on the undersigned&rsquo;s behalf, information on transactions in the Company&rsquo;s
securities from any third party, including brokers, employee benefit plan administrators and trustees, and the undersigned hereby authorizes
any such person to release any such information to each of the undersigned&rsquo;s attorneys-in-fact appointed by this Power of Attorney
and approves and ratifies any such release of information; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">take
any other action of any type whatsoever in connection with the foregoing which, in the opinion of any of such attorneys-in-fact, may be
of benefit to, in the best interest of, or legally required by, the undersigned, it being understood that the documents executed by any
of such attorneys-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such
terms and conditions as any of such attorneys-in-fact may approve in his or her discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned hereby grants
to each such attorney-in-fact full power and authority to act separately and to do and perform any and every act and thing whatsoever
requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and
purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and
confirming all that any of such attorneys-in-fact, or the substitute or substitutes of any of such attorneys-in-fact, shall lawfully do
or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted. The undersigned acknowledges that the
foregoing attorneys-in-fact, in serving in such capacity at the request of the undersigned, are not assuming, nor is the Company assuming,
any of the undersigned&rsquo;s responsibilities to comply with Section&nbsp;16 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Power of Attorney shall
remain in full force and effect until the undersigned is no longer required to file Forms 3, 4 and 5 with respect to the undersigned&rsquo;s
holdings of and transactions in securities issued by the Company, unless earlier revoked by the undersigned in a signed writing delivered
to the foregoing attorneys-in-fact.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned agrees to
hold the attorneys-in-fact, or either one of them, jointly and severally, free and harmless from any and all loss, damage or liability
that they, or either one of them, may sustain as a result of any action taken in good faith hereunder and not due to the attorney-in-fact&rsquo;s
own negligence, misconduct or bad faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned
has caused this Power of Attorney to be executed as of September&nbsp;29, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 94%; margin-left: 0.5in"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">Signature:</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 45%">/s/ Karin Taylor</TD>
    <TD STYLE="width: 50%">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD><TD STYLE="text-align: justify">Karin
Taylor</TD>
    <TD>&nbsp;</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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