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Note 13 - Share-based Compensation | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] | NOTE 13 Share-Based Compensation On May 6, 2019, the Company’s stockholders approved the Alerus Financial Corporation 2019 Equity Incentive Plan. This plan allows the compensation committee of the Board of Directors of the Company the ability to grant a wide variety of equity awards, including stock options, stock appreciation rights, stock awards, and cash incentive awards in such forms and amounts as it deems appropriate to accomplish the goals of the plan. Since inception, all awards issued under the plan have been restricted stock and restricted stock units. Any shares subject to an award that is cancelled, forfeited, or expires prior to exercise or realization, either in full or in part, shall again become available for issuance under the plan. However, shares subject to an award shall not again be made available for issuance or delivery under the plan if such shares are (a) tendered in payment of the exercise price of a stock option, (b) delivered to, or withheld by, the Company to satisfy any tax withholding obligation, or (c) covered by a stock-settled stock appreciation right or other awards that were not issued upon the settlement of the award. Restricted stock units issued do not participate in dividends and recipients are not entitled to vote these restricted stock units until shares of the Company’s common stock are delivered after vesting of the restricted stock units. Shares vest, become exercisable and contain such other terms and conditions as determined by the compensation committee and set forth in individual agreements with the participant receiving the award. Awards issued to Company directors vest on the earlier of the first anniversary of the grant date and the next annual meeting of stockholders. The plan authorizes the issuance of up to 1,100,000 shares of common stock. As of September 30, 2025, 562,540 shares of common stock were still available for issuance under the plan. The compensation expense relating to awards under these plans was $780 thousand and $488 thousand for the three months ended September 30, 2025 and 2024, respectively. The compensation expense relating to awards under these plans was $2.0 million and $1.2 million for the nine months ended September 30, 2025 and 2024, respectively. The following table presents the activity in the stock plans for the nine months ended September 30, 2025 and 2024:
|  | Nine months ended September 30, |
|  | 2025 |  |  | 2024 |
|  |  |  |  |  | Weighted- |  |  |  |  |  |  | Weighted- |
|  |  |  |  |  | Average Grant |  |  |  |  |  |  | Average Grant |
|  | Awards |  |  | Date Fair Value |  |  | Awards |  |  | Date Fair Value |
Restricted Stock and Restricted Stock Unit Awards |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at beginning of period |  |  | 289,549 |  |  | $ | 21.94 |  |  |  | 231,657 |  |  | $ | 22.96 |
Granted |  |  | 123,055 |  |  |  | 20.16 |  |  |  | 108,561 |  |  |  | 20.93 |
Vested |  |  | (64,014 | ) |  |  | 22.44 |  |  |  | (55,429 | ) |  |  | 23.87 |
Forfeited or cancelled |  |  | (33,074 | ) |  |  | 25.80 |  |  |  | — |  |  |  | — |
Outstanding at end of period |  |  | 315,516 |  |  | $ | 20.74 |  |  |  | 284,789 |  |  | $ | 22.00 |
As of September 30, 2025, there was $3.6 million of unrecognized compensation expense related to non-vested awards granted under the plans. The expense is expected to be recognized over a weighted-average period of 2.1 years.

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