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Q2 2026 · read from the 30 June 2026 Call Report · United States · Plains · North Dakota, the state note

Alerus Financial N.A.

Grand Forks, North Dakota · $5.28B in assets · beside the 11 other the Plains states banks between $3B and $10B (the state alone holds too few in the band to rank)

The filing

0.26%
NPA / loans
2nd of 12
-1.3%
Loans, year over year
11th of 12, largest first
4.5x
Coverage of noncurrent
2nd of 12

Alerus Financial N.A. is the fifth largest of the 12 the Plains states banks nearest its size between $3B and $10B, with $5.28B in assets at 30 June 2026. Loans are 95.8% of deposits, 8th of 12 against a median of 92.6%, and equity is 11.0% of assets, 7th of 12. Loans grew -1.3% in the year, 11th of 12, and deposits fell 3.2%; the cohort's median loan growth is +5.3%.

Noncurrent loans are 0.26% of the book, 2nd of 12 against a median of 0.66%; 0.16% is 30 to 89 days past due, and the allowance covers them 4.5 times. Net charge-offs are 0.47% of loans, 11th of 12. Commercial real estate is 33.6% of loans, 7th of 12 against a median of 33.4%, and 260% of capital, below the 300% screen, with construction at 21% against the 100% screen. CRE has grown +65.6% over 36 months, past the guidance's 50% prong.

Return on assets is 1.79%, 3rd of 12 against a median of 1.29%, on an efficiency ratio of 63.9%, 9th of 12. Five years ago it was 1.85%. The question is which of these lines moves first over the next four quarters, and against which peer.

Nonperforming loans, share of loansPlains states banks $3B to $10B · 30 June 2026 · lower is stronger, listed first
median 0.66% GS Great Southern Bank 0.02% AF Alerus Financial N.A. 0.26% HB Hills Bank & Trust Co. 0.40% FB First Bank & Trust 0.42% BB Bridgewater Bank 0.49% SB Southern Bank 0.63% CF Choice Financial Group 0.68% GC Gate City Bank 0.69% FS First State Community Bank 1.07% DB Dacotah Bank 1.52% Bo Bank of Missouri 1.53% FI First International Bank & Trust 1.54%
Loans, year over yearPlains states banks $3B to $10B · 30 June 2026 · no better direction, largest first
median +5.3% Bo Bank of Missouri +48.0% FI First International Bank & Trust +9.4% DB Dacotah Bank +8.2% FS First State Community Bank +7.3% SB Southern Bank +7.1% BB Bridgewater Bank +6.8% HB Hills Bank & Trust Co. +3.9% FB First Bank & Trust +2.5% GC Gate City Bank +1.2% CF Choice Financial Group +0.4% AF Alerus Financial N.A. -1.3% GS Great Southern Bank -4.9%

SBA 7(a), FY2008 to FY2026

Alerus Financial N.A. is the 12th largest 7(a) lender into Arizona of 337, with $238M across 262 loans, 2.3% of everything approved in the state (Wells Fargo Bank National Association leads with $1.09B). 49 of its 79 markets have had no approvals since before FY2023: an absence in the record, not a stated withdrawal.

Where it lends in Arizona, and where it has gone quietshare movement, FY2023 to FY2025 against FY2020 to FY2022; outlined counties are on the book
Gaining shareLosing shareFlatGone quiet: nothing since FY2023Too thin to read a directionNo record
Every market on the book, largest firstrank and share among every lender in the county, FY2008 to FY2026
CountyApprovedRankShareTrend
Maricopa, AZ$195M10th of 3032.6%-1.9 pts
Hennepin, MN$38M17th of 2281.3%+0.1 pts
Olmsted, MN$31M1st of 6119.9%-15.6 pts
Cass, ND$21M3rd of 816.8%-3.6 pts
Grand Forks, ND$15M3rd of 3414.6%thin
Ramsey, MN$10M27th of 1391.0%+2.1 pts
Pima, AZ$9M26th of 1400.9%quiet FY2022
Scott, MN$9M7th of 964.0%quiet FY2017
Anoka, MN$9M20th of 1361.3%+4.7 pts
Dakota, MN$9M25th of 1601.1%+1.8 pts
Stearns, MN$7M11th of 761.9%quiet FY2019
Pinal, AZ$7M9th of 852.8%quiet FY2019
Saint Louis, MN$7M12th of 682.9%quiet FY2016
66 smaller markets not shown.
What it lends to: the five largest industries on the bookshare of book is concentration; share of sector and rank are position, among every 7(a) lender nationally
IndustryLoansApprovedShare of bookShare of sectorRank
Accommodation & food services81$91M18.9%0.12%154th of 2,596
Retail trade90$57M11.9%0.09%165th of 2,589
Health care & social assistance86$51M10.6%0.11%132nd of 2,172
Wholesale trade35$41M8.6%0.16%116th of 1,651
Other services60$40M8.3%0.11%148th of 2,248
7(a) lenders into Arizona, share of approvals since FY2008337 lenders on record; the ten largest and Alerus Financial N.A.
WF Wells Fargo Bank National Associa… 10.4% $1.09B · 2,910 loans LO Live Oak Banking Company 5.9% $619M · 476 loans JC JPMorgan Chase Bank, National Ass… 5.5% $581M · 2,830 loans AF Arizona Financial Credit Union 4.0% $419M · 564 loans UB U.S. Bank, National Association 3.3% $351M · 1,216 loans CB Celtic Bank Corporation 3.2% $336M · 494 loans PB PNC Bank, National Association 3.1% $323M · 1,375 loans EB Enterprise Bank & Trust 3.0% $315M · 391 loans MB MidFirst Bank 3.0% $314M · 365 loans AF America First Federal Credit Union 2.6% $275M · 255 loans AF Alerus Financial, National Associ… 2.3% $238M · 262 loans

Commercial real estate against capital

Commercial real estate concentrationthe 2006 interagency screens against total risk-based capital; Tier 1 stands in for the 4 CBLR filers; owner-occupied excluded; bold marks a screen met
Alerus Financial N.A.RankCohort median
Total CRE against capital, the 300% screen260%8th of 12219%
Construction against capital, the 100% screen21%1st of 1253%
Construction and land development, share of loans2.7%1st of 127.2%
Non-owner-occupied nonfarm nonresidential, share of loans22.0%10th of 1217.4%
Total CRE, the guidance definition, share of loans33.6%7th of 1233.4%
CRE growth over 36 months, the third prong+65.6%11th of 12+20.0%

Among its peers

Where it sits among its peersnavy: the stronger half of each column; amber: the weaker; darker at the ends
InstitutionAssetsROAEfficiencyNPA / loansNet charge-offsAllowance / loansLoans / depositsEquity / assets
Choice Financial Group$6.38B1.3%55.3%0.68%0.30%1.2%62.7%11.3%
First International Bank & Trust$6.18B1.2%71.0%1.54%0.20%1.0%91.3%8.4%
Great Southern Bank$5.53B1.3%63.2%0.02%0.04%1.5%100.1%11.0%
Bridgewater Bank$5.38B1.3%51.6%0.49%0.04%1.3%101.3%11.7%
Alerus Financial N.A.$5.28B1.8%63.9%0.26%0.47%1.2%95.8%11.0%
Southern Bank$5.19B1.5%51.2%0.63%0.21%1.2%99.4%10.5%
Dacotah Bank$4.92B1.1%62.2%1.52%0.22%1.2%93.9%9.8%
Hills Bank & Trust Co.$4.79B2.1%44.8%0.40%0.00%1.5%103.8%13.0%
First Bank & Trust$4.78B1.3%60.1%0.42%0.02%1.3%85.7%11.3%
First State Community Bank$4.51B1.8%49.2%1.07%0.12%1.1%91.4%12.5%
Bank of Missouri$4.23B0.9%75.0%1.53%0.84%0.7%88.8%11.7%
Gate City Bank$4.04B0.8%74.6%0.69%0.16%0.7%83.1%9.2%
Five years, 2021 to 2026same quarter, five years apart; dollars as growth, ratios in points
Alerus Financial N.A.Cohort median
20212026Change20212026Change
Loans$1.90B$4.06B+113%$2.41B$3.86B+60%
Deposits$2.79B$4.24B+52%$2.84B$4.29B+51%
NPA / loans0.37%0.26%-0.10 pts0.36%0.66%+0.29 pts
Efficiency69.0%63.9%-5.0 pts57.1%61.2%+4.1 pts
ROA1.85%1.79%-0.07 pts1.49%1.29%-0.21 pts

This read was prepared for Alerus Financial N.A.'s board and management from the public record, and is one slice of what Lynx builds for any bank from its own filing: the peer cohort, the capital, liquidity and rate models with the assumptions the institution sets, and a summary report of twenty sections for the board.

The full pack on Alerus Financial N.A. is prepared on request, and thirty days on the institution's own numbers are open to anyone at the bank.

Ask for the pack

Prepared 7 September 2026
Filing 30 June 2026
Cohort Plains states banks $3B to $10B
Institution www.alerus.com

Public record only: FFIEC Call Report, 30 June 2026; FDIC data; cohort by New England and asset band; SBA 7(a) FOIA release as of the 2026 file, loans credited to the institution holding them today. Computed from the institution's own Call Report and its peers' as published; no estimate, no adjustment; not a rating, not an audited statement and not a supervisory judgement.
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