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Note 30 - Parent Company Only Financial Statements | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 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) |  | 2024 |  |  | 2023 |
Assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 49,024 |  |  | $ | 70,853 |
Trading investment securities |  |  | 2,915 |  |  |  | — |
Investment in subsidiaries |  |  | 501,385 |  |  |  | 354,303 |
Company-owned life insurance |  |  | 1,830 |  |  |  | — |
Deferred income taxes, net |  |  | 2,546 |  |  |  | 757 |
Other assets |  |  | 13,913 |  |  |  | 9,968 |
Total assets |  | $ | 571,613 |  |  | $ | 435,881 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |
Long‑term debt |  | $ | 59,069 |  |  | $ | 58,956 |
Accrued expenses and other liabilities |  |  | 17,134 |  |  |  | 7,798 |
Total liabilities |  |  | 76,203 |  |  |  | 66,754 |
Stockholders’ equity |  |  | 495,410 |  |  |  | 369,127 |
Total stockholders’ equity |  |  | 495,410 |  |  |  | 369,127 |
Total liabilities and stockholders’ equity |  | $ | 571,613 |  |  | $ | 435,881 |
Alerus Financial Corporation Parent Company Condensed Statements of Income
|  | Year ended December 31, |
(dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Income |  |  |  |  |  |  |  |  |  |  |  |
Net dividends from subsidiaries |  | $ | 5,825 |  |  | $ | 21,000 |  |  | $ | 18,500 |
Other income |  |  | 297 |  |  |  | 24 |  |  |  | 16 |
Total operating income |  |  | 6,122 |  |  |  | 21,024 |  |  |  | 18,516 |
Expenses |  |  | 16,471 |  |  |  | 6,043 |  |  |  | 6,583 |
Income before equity in undistributed income |  |  | (10,349 | ) |  |  | 14,981 |  |  |  | 11,933 |
Equity in undistributed income of subsidiaries |  |  | 23,191 |  |  |  | (4,826 | ) |  |  | 26,424 |
Income before income taxes |  |  | 12,842 |  |  |  | 10,155 |  |  |  | 38,357 |
Income tax benefit |  |  | 4,938 |  |  |  | 1,541 |  |  |  | 1,648 |
Net income |  | $ | 17,780 |  |  | $ | 11,696 |  |  | $ | 40,005 |
Alerus Financial Corporation Parent Company Condensed Statements of Cash Flows
|  | Year ended December 31, |
(dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Operating activities |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 17,780 |  |  | $ | 11,696 |  |  | $ | 40,005 |
Adjustments to reconcile net income to net cash provided by operating activities |  |  |  |  |  |  |  |  |  |  |  |
Deferred income taxes |  |  | (1,789 | ) |  |  | 147 |  |  |  | 96 |
Equity in undistributed income of subsidiaries |  |  | (23,191 | ) |  |  | 4,826 |  |  |  | (26,424 | )
Depreciation and amortization |  |  | 113 |  |  |  | 113 |  |  |  | 87 |
Stock‑based compensation cost |  |  | 1,650 |  |  |  | 1,628 |  |  |  | 1,904 |
(Increase) decrease in company-owned life insurance |  |  | 105 |  |  |  | — |  |  |  | — |
Net change in: |  |  |  |  |  |  |  |  |  |  |  |
Accrued interest receivable |  |  | — |  |  |  | — |  |  |  | (1 | )
Other assets |  |  | (4,123 | ) |  |  | 50 |  |  |  | (192 | )
Accrued expenses and other liabilities |  |  | (591 | ) |  |  | (10,164 | ) |  |  | 516 |
Net cash provided by operating activities |  |  | (10,046 | ) |  |  | 8,296 |  |  |  | 15,991 |
Investing activities |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales of trading investment securities |  |  | 9,020 |  |  |  | — |  |  |  | — |
Purchases of trading investment securities |  |  | (11,757 | ) |  |  | — |  |  |  | — |
Purchases of company-owned life insurance |  |  | (1,935 | ) |  |  | — |  |  |  | — |
Net cash (paid) for business combinations |  |  | 8,610 |  |  |  | — |  |  |  | (189 | )
Net cash provided by investing activities |  |  | 3,938 |  |  |  | — |  |  |  | (189 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid on common stock |  |  | (15,445 | ) |  |  | (14,822 | ) |  |  | (12,800 | )
Repurchase of common stock |  |  | (276 | ) |  |  | (6,638 | ) |  |  | (738 | )
Net cash provided by financing activities |  |  | (15,721 | ) |  |  | (21,460 | ) |  |  | (13,538 | )
Net change in cash and cash equivalents |  |  | (21,829 | ) |  |  | (13,164 | ) |  |  | 2,264 |
Cash and cash equivalents at beginning of year |  |  | 70,853 |  |  |  | 84,017 |  |  |  | 81,753 |
Cash and cash equivalents at end of year |  | $ | 49,024 |  |  | $ | 70,853 |  |  | $ | 84,017 |

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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/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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