Alerus Financial Mortgage Rates, Fees & Info

Grand Forks, ND

LEI: 549300C4J510S9L1RF98

Tax ID: 45-0140105

5 stars - out of 5 stars, based on 81 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Alerus Financial is a small mortgage company specializing in Home Purchase and Refi loans. Alerus Financial has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Minneapolis, Phoenix, Fargo, Grand Forks, and Brainerd among others. Alerus Financial has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Alerus Financial is typically a low fee lendor.


Originations

6,534

Origination Dollar Volume (All Markets)

$1,921,830,000

Employee count

812 Show all (17) awards

Relative Rate

Alerus Financial's average 30 year fixed rate mortgage of loans were 3.06%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.09%.

Relative Fees

Alerus Financial's average total fees for a 30 year fixed rate mortgage are $2,962.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 5,076 $1,529,390,000 $301,298 $2,802 3.11%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 165 $65,185,000 $395,061 $3,161 3.34%
FARGO, ND-MN (FHA|USDA|VA) 314 $57,980,000 $184,650 $2,144 3.25%
GRAND FORKS, ND-MN (FHA|USDA|VA) 267 $56,105,000 $210,131 $3,104 3.28%
Outside of Metro Areas 171 $44,635,000 $261,023 $3,042 2.98%
Brainerd, MN (FHA|USDA|VA) 47 $16,275,000 $346,277 $3,068 2.94%
DULUTH, MN-WI (FHA|USDA|VA) 32 $7,540,000 $235,625 $2,737 3.18%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 18 $6,900,000 $383,333 $2,252 2.80%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 9 $6,205,000 $689,444 $4,400 3.18%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 13 $5,645,000 $434,231 $4,581 2.88%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 14 $5,540,000 $395,714 $3,666 3.03%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 8 $5,350,000 $668,750 $4,299 2.95%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 16 $5,290,000 $330,625 $3,258 2.75%
Fergus Falls, MN (FHA|USDA|VA) 15 $4,925,000 $328,333 $3,866 2.79%
COLORADO SPRINGS, CO (FHA|USDA|VA) 7 $3,735,000 $533,571 $2,967 2.86%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 6 $3,690,000 $615,000 $5,790 2.71%
Faribault-Northfield, MN (FHA|USDA|VA) 16 $3,620,000 $226,250 $2,552 3.19%
ST. CLOUD, MN (FHA|USDA|VA) 20 $3,280,000 $164,000 $2,115 3.30%
MADISON, WI (FHA|USDA|VA) 7 $3,025,000 $432,143 $2,854 2.82%
ROCHESTER, MN (FHA|USDA|VA) 10 $2,960,000 $296,000 $2,856 2.81%
Alexandria, MN (FHA|USDA|VA) 10 $2,930,000 $293,000 $6,030 3.18%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 4 $2,610,000 $652,500 $5,594 2.91%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 6 $2,600,000 $433,333 $5,628 2.94%
SALT LAKE CITY, UT (FHA|USDA|VA) 3 $2,235,000 $745,000 $2,085 3.04%
Grand Rapids, MN (FHA|USDA|VA) 8 $2,190,000 $273,750 $2,925 3.02%
RICHMOND, VA (FHA|USDA|VA) 7 $2,105,000 $300,714 $3,691 2.64%
Bemidji, MN (FHA|USDA|VA) 7 $2,075,000 $296,429 $4,176 2.80%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 7 $2,065,000 $295,000 $3,146 2.70%
BISMARCK, ND (FHA|USDA|VA) 7 $2,005,000 $286,429 $2,863 2.64%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $1,955,000 $651,667 $5,654 3.04%
TUCSON, AZ (FHA|USDA|VA) 7 $1,815,000 $259,286 $2,301 2.73%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 5 $1,795,000 $359,000 $3,301 3.40%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 6 $1,760,000 $293,333 $3,894 2.77%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 6 $1,720,000 $286,667 $1,820 2.85%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 4 $1,560,000 $390,000 $6,386 2.44%
Hutchinson, MN (FHA|USDA|VA) 7 $1,545,000 $220,714 $2,858 3.20%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 3 $1,395,000 $465,000 $828 2.75%
YORK-HANOVER, PA (FHA|USDA|VA) 5 $1,295,000 $259,000 $3,586 2.43%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 4 $1,280,000 $320,000 $3,832 2.56%
Red Wing, MN (FHA|USDA|VA) 6 $1,230,000 $205,000 $1,293 2.75%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $1,230,000 $615,000 $3,998 3.06%
MANKATO, MN (FHA|USDA|VA) 5 $1,105,000 $221,000 $1,997 2.83%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $1,060,000 $265,000 $5,568 2.59%
Wahpeton, ND-MN (FHA|USDA|VA) 4 $1,040,000 $260,000 $3,081 2.81%
EAU CLAIRE, WI (FHA|USDA|VA) 7 $1,035,000 $147,857 $1,863 3.09%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 4 $1,030,000 $257,500 $2,084 2.84%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $995,000 $331,667 $3,803 2.71%
RALEIGH-CARY, NC (FHA|USDA|VA) 3 $965,000 $321,667 $1,394 3.08%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $965,000 $965,000 $4,821 3.13%
FORT COLLINS, CO (FHA|USDA|VA) 2 $960,000 $480,000 $2,008 3.00%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 5 $955,000 $191,000 $1,774 2.95%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 3 $925,000 $308,333 $2,458 2.92%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 2 $920,000 $460,000 $3,082 2.69%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $920,000 $460,000 $12,590 2.88%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 2 $910,000 $455,000 $5,370 2.50%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 10 $890,000 $89,000 $0 3.51%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 2 $870,000 $435,000 $1,489 3.19%
BILLINGS, MT (FHA|USDA|VA) 2 $840,000 $420,000 $3,539 2.63%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $830,000 $415,000 $3,087 3.31%
PROVO-OREM, UT (FHA|USDA|VA) 3 $815,000 $271,667 $2,241 2.83%
BOULDER, CO (FHA|USDA|VA) 3 $815,000 $271,667 $4,081 2.46%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $810,000 $405,000 $7,132 3.38%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 1 $775,000 $775,000 $4,004 3.25%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 3 $745,000 $248,333 $2,000 2.63%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $735,000 $735,000 $5,548 3.25%
GAINESVILLE, FL (FHA|USDA|VA) 2 $700,000 $350,000 $1,021 3.31%
WAUSAU-WESTON, WI (FHA|USDA|VA) 2 $700,000 $350,000 $2,208 3.31%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $675,000 $675,000 $4,145 2.88%
PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $660,000 $330,000 $5,303 3.00%
KANSAS CITY, MO-KS (FHA|USDA|VA) 3 $645,000 $215,000 $2,675 3.00%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 2 $590,000 $295,000 $4,022 3.19%
OKLAHOMA CITY, OK (FHA|USDA|VA) 1 $545,000 $545,000 $4,358 3.00%
Menomonie, WI (FHA|USDA|VA) 2 $540,000 $270,000 $2,340 3.50%
SIOUX FALLS, SD (FHA|USDA|VA) 3 $535,000 $178,333 $1,678 2.88%
LINCOLN, NE (FHA|USDA|VA) 3 $515,000 $171,667 $2,140 3.17%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 2 $480,000 $240,000 $3,028 2.81%
COLUMBUS, OH (FHA|USDA|VA) 1 $475,000 $475,000 $2,501 3.13%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 8 $470,000 $58,750 $0 4.09%
FLAGSTAFF, AZ (FHA|USDA|VA) 1 $415,000 $415,000 $2,084 2.50%
ASHEVILLE, NC (FHA|USDA|VA) 1 $405,000 $405,000 $1,753 2.50%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 2 $390,000 $195,000 $3,345 3.38%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 1 $385,000 $385,000 $3,721 2.50%
GRAND JUNCTION, CO (FHA|USDA|VA) 2 $370,000 $185,000 $2,345 3.50%
RAPID CITY, SD (FHA|USDA|VA) 1 $355,000 $355,000 $2,608 3.00%
COLUMBIA, SC (FHA|USDA|VA) 1 $345,000 $345,000 $3,703 3.38%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 2 $340,000 $170,000 $1,619 3.13%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $335,000 $335,000 $2,816 2.63%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $325,000 $325,000 $3,214 2.63%
CASPER, WY (FHA|USDA|VA) 1 $325,000 $325,000 $3,363 3.13%
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $325,000 $325,000 $5,444 2.38%
Owatonna, MN (FHA|USDA|VA) 2 $320,000 $160,000 $2,549 2.75%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 2 $320,000 $160,000 $1,469 2.81%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $315,000 $315,000 $2,749 2.88%
Traverse City, MI (FHA|USDA|VA) 1 $315,000 $315,000 $3,181 2.38%
Albert Lea, MN (FHA|USDA|VA) 3 $305,000 $101,667 $1,238 2.88%
Show Low, AZ (FHA|USDA|VA) 1 $305,000 $305,000 $0 4.86%
SALEM, OR (FHA|USDA|VA) 1 $295,000 $295,000 $3,882 2.88%
YUMA, AZ (FHA|USDA|VA) 1 $295,000 $295,000 $3,302 2.88%
Watertown, SD (FHA|USDA|VA) 1 $285,000 $285,000 $0 2.88%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $285,000 $285,000 $1,458 2.75%
BEND, OR (FHA|USDA|VA) 1 $275,000 $275,000 $3,941 3.50%
RACINE, WI (FHA|USDA|VA) 1 $265,000 $265,000 $1,285 3.25%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $265,000 $265,000 $1,395 2.50%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $265,000 $265,000 $2,863 2.88%
TULSA, OK (FHA|USDA|VA) 1 $265,000 $265,000 $3,850 3.25%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 2 $260,000 $130,000 $1,765 3.88%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $255,000 $255,000 $5,852 2.75%
Lock Haven, PA (FHA|USDA|VA) 1 $245,000 $245,000 $4,830 3.25%
ALBANY-LEBANON, OR (FHA|USDA|VA) 1 $235,000 $235,000 $2,569 2.88%
Marshall, MN (FHA|USDA|VA) 1 $235,000 $235,000 $3,140 2.88%
Concord, NH (FHA|USDA|VA) 1 $235,000 $235,000 $2,096 3.13%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $225,000 $225,000 $5,626 3.63%
Glenwood Springs, CO (FHA|USDA|VA) 1 $225,000 $225,000 $2,660 2.88%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $225,000 $225,000 $2,245 2.63%
EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 1 $225,000 $225,000 $3,975 2.25%
Whitewater, WI (FHA|USDA|VA) 1 $215,000 $215,000 $2,600 3.25%
OCALA, FL (FHA|USDA|VA) 1 $215,000 $215,000 $2,961 3.63%
Minot, ND (FHA|USDA|VA) 1 $205,000 $205,000 $0 3.88%
FLINT, MI (FHA|USDA|VA) 2 $200,000 $100,000 $1,928 2.50%
Silver City, NM (FHA|USDA|VA) 1 $195,000 $195,000 $960 3.00%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $185,000 $185,000 $4,411 3.00%
Mount Pleasant, TX (FHA|USDA|VA) 1 $185,000 $185,000 $3,319 2.50%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $175,000 $175,000 $1,716 3.25%
Winona, MN (FHA|USDA|VA) 1 $165,000 $165,000 $2,522 3.13%
Lebanon, NH-VT (FHA|USDA|VA) 1 $165,000 $165,000 $3,204 3.00%
Stevens Point, WI (FHA|USDA|VA) 1 $155,000 $155,000 $2,735 2.38%
Austin, MN (FHA|USDA|VA) 1 $155,000 $155,000 $3,466 3.63%
Fairmont, MN (FHA|USDA|VA) 1 $155,000 $155,000 $2,325 3.38%
Key West, FL (FHA|USDA|VA) 1 $155,000 $155,000 $1,092 2.75%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $155,000 $155,000 $2,358 2.63%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $155,000 $155,000 $2,573 3.00%
GETTYSBURG, PA (FHA|USDA|VA) 1 $145,000 $145,000 $3,021 2.50%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $145,000 $145,000 $1,955 2.63%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $145,000 $145,000 $3,288 2.25%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $145,000 $145,000 $2,097 2.50%
Eureka-Arcata, CA (FHA|USDA|VA) 1 $145,000 $145,000 $0 3.88%
Willmar, MN (FHA|USDA|VA) 1 $135,000 $135,000 $4,070 3.00%
Klamath Falls, OR (FHA|USDA|VA) 1 $125,000 $125,000 $2,470 2.25%
Worthington, MN (FHA|USDA|VA) 1 $115,000 $115,000 $525 5.29%
FORT SMITH, AR-OK (FHA|USDA|VA) 1 $115,000 $115,000 $336 2.50%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $115,000 $115,000 $3,069 2.75%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $105,000 $105,000 $3,267 3.00%
BLOOMINGTON, IL (FHA|USDA|VA) 1 $95,000 $95,000 $2,722 3.00%
Payson, AZ (FHA|USDA|VA) 1 $95,000 $95,000 $1,508 3.25%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $75,000 $75,000 $0 4.38%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $65,000 $65,000 $1,814 2.75%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $65,000 $65,000 $2,710 2.75%

Alerus Financial's top markets include Minneapolis, Phoenix, Fargo, Grand Forks, and Brainerd among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 6,302 $1,855,100,000 $294,367 $2,707 3.12%
FHA 118 $30,190,000 $255,847 $6,219 2.90%
VA 107 $34,655,000 $323,879 $5,128 2.59%
USDA 7 $1,885,000 $269,286 $4,632 2.61%

For the 2021 period, Alerus Financial's most frequently originated loan type of loans were Conventional, with 6,302 originations. Their 2nd most popular type is FHA, with 118 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 2,750 $916,470,000 $333,262 $3,048 3.05%
Refi 2,455 $725,115,000 $295,363 $2,561 2.92%
Cash Out Refi 572 $169,380,000 $296,119 $3,093 3.10%
Home Improvement 523 $83,215,000 $159,111 $2,638 3.87%
Other 234 $27,650,000 $118,162 $20 4.18%

For the 2021, Alerus Financial's most frequently cited loan purpose of loans were Home Purchase, with 2,750 originations. The 2nd most popular reason of loans were Refi, with 2,455 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 4,917 $1,538,845,000 $312,964 $2,962 3.06%
15 Year 813 $190,475,000 $234,287 $2,476 2.76%
20 Year 491 $95,195,000 $193,880 $2,391 3.70%
10 Year 93 $20,015,000 $215,215 $1,463 3.20%
1 Year 82 $12,240,000 $149,268 $738 4.97%
30+ year 55 $48,675,000 $885,000 $5,730 2.99%
5 Year 47 $8,675,000 $184,574 $0 4.25%
Other 33 $7,055,000 $213,788 $1,598 3.58%
3 Year 3 $655,000 $218,333 $0 3.75%

For the 2021, Alerus Financial's most frequently cited loan length of loans were 30 Year, with 4,917 originations. The 2nd most popular length of loans were 15 Year, with 813 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 2,769 $903,105,000 $326,148
$<1k 2,173 $643,915,000 $296,325
$2k-3k 297 $100,865,000 $339,613
$3k-4k 195 $74,885,000 $384,026
$5k+ 70 $39,840,000 $569,143

$2,962 of loans were Alerus Financial's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 2,769 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 3,047 $1,051,535,000 $345,105
3-4% 2,068 $557,050,000 $269,367
<2.5% 936 $257,280,000 $274,872
4-5% 426 $51,190,000 $120,164
5-6% 57 $4,775,000 $83,772

During 2021, Alerus Financial's average interest rate of loans were 3.06%, while their most frequently originated rate bucket of loans were 2.5-3%, with 3,047 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 3,066 $874,470,000 $285,215 $2,826 2.97%
$100k-200k 1,452 $222,770,000 $153,423 $2,256 3.13%
$400k-600k 987 $470,625,000 $476,824 $3,408 2.92%
$100,000 or less 687 $40,445,000 $58,872 $951 4.03%
$600k-1MM 263 $198,585,000 $755,076 $4,248 3.00%
$1MM+ 79 $114,935,000 $1,454,873 $5,418 2.93%

2021 saw Alerus Financial place emphasis on $200k-400k loans with 3,066 originations, totaling $874,470,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 1,608 $430,840,000 $267,935 $2,741 3.13%
$150k-250k 1,533 $497,985,000 $324,843 $3,016 3.19%
$50k-75k 957 $199,545,000 $208,511 $2,591 3.02%
$75k-100k 953 $234,065,000 $245,609 $2,774 3.02%
$250k+ 882 $433,750,000 $491,780 $3,374 3.21%
$50k or less 408 $64,250,000 $157,475 $2,401 2.96%

Alerus Financial lent most frequently to those with incomes in the $100k-150k range, with 1,608 originations. The second most popular income band? $150k-250k, with 1,533 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,945 $592,365,000 $304,558 $2,769 3.07%
30-36% 1,253 $368,875,000 $294,393 $2,787 3.14%
<20% 1,015 $304,155,000 $299,660 $2,728 2.99%
38% 242 $67,910,000 $280,620 $3,012 3.14%
37% 221 $65,705,000 $297,308 $2,711 3.11%
39% 206 $66,260,000 $321,650 $2,975 3.08%
41% 205 $63,325,000 $308,902 $2,814 3.14%
42% 198 $60,270,000 $304,394 $3,009 3.14%
40% 198 $56,590,000 $285,808 $3,077 3.18%
36% 196 $56,270,000 $287,092 $2,932 3.18%
43% 148 $38,500,000 $260,135 $3,113 3.14%
44% 128 $35,660,000 $278,594 $2,890 3.08%
45% 106 $23,650,000 $223,113 $3,082 3.27%
49% 93 $19,995,000 $215,000 $2,343 3.45%
47% 91 $23,825,000 $261,813 $3,262 3.20%
48% 83 $20,185,000 $243,193 $2,945 3.34%
46% 76 $16,660,000 $219,211 $2,873 3.39%
50-60% 45 $10,465,000 $232,556 $3,886 3.36%
>60% 3 $515,000 $171,667 $0 4.48%

Alerus Financial lent most frequently to those with DTI ratios of 20-30%, with 1,945 originations. The next most common DTI ratio? 30-36%, with 1,253 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 4,597 $1,413,895,000 $307,569 $2,888 3.03%
Not provided 1,509 $382,495,000 $253,476 $2,592 3.34%
Asian 203 $60,425,000 $297,660 $2,597 3.00%
Black 121 $30,845,000 $254,917 $3,413 3.07%
Not applicable 40 $17,240,000 $431,000 $0 4.21%
American Indian 34 $8,850,000 $260,294 $2,451 3.14%
Asian Indian 16 $3,760,000 $235,000 $2,392 3.17%
Other Asian 6 $2,290,000 $381,667 $3,887 2.92%
Native Hawaiian 3 $735,000 $245,000 $3,092 2.88%
Korean 1 $545,000 $545,000 $4,023 3.25%
Other Pacific Islander 2 $430,000 $215,000 $3,507 3.56%
Vietnamese 1 $255,000 $255,000 $0 2.50%
Chinese 1 $65,000 $65,000 $0 4.25%

Approval Rates

Total approvals of all applications
97.93%

Alerus Financial has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
91.28%

Alerus Financial has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 6,534 $1,921,830,000 $294,128

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
6,534 $1,921,830,000 $294,128

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 567 $100,695,000 $177,593 $2,043 3.56%
40-60% 1,073 $285,995,000 $266,538 $2,502 2.87%
60-80% 2,418 $828,620,000 $342,688 $2,945 2.99%
80-100% 1,900 $657,920,000 $346,274 $3,122 2.95%
Over 100% 16 $5,110,000 $319,375 $9,026 2.73%
Under 20% 545 $38,525,000 $70,688 $348 4.23%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Alerus Financial, National Association 11100 Wayzata Boulevard Minnetonka, MN 55305 Full Service B&M $132,785
Alerus Financial, National Association 901 13th Avenue East West Fargo, ND 58078 Full Service B&M $204,773
Alerus Financial, National Association 990 Helena Street North Oakdale, MN 55128 Full Service B&M $178,051
Alerus Financial, National Association Canadian Pacific Plaza, 120 S 6th St, Ste. 200 Minneapolis, MN 55402 Full Service B&M $828,495
Alerus Financial, National Association 15 Broadway Fargo, ND 58102 Full Service B&M $101,792
Alerus Financial, National Association 1540 S. Stapley Drive Mesa, AZ 85204 Full Service B&M $21,040
Alerus Financial, National Association 17045 North Scottsdale Road Scottsdale, AZ 85255 Full Service B&M $95,823
Alerus Financial, National Association 19765 Highway 7 Shorewood, MN 55331 Full Service B&M $171,300
Alerus Financial, National Association 2300 South Columbia Road Grand Forks, ND 58201 Full Service B&M $215,264
Alerus Financial, National Association 3137 32nd Avenue Sw Fargo, ND 58103 Full Service B&M $141,793
Alerus Financial, National Association 401 Demers Avenue Grand Forks, ND 58201 Full Service B&M $513,980
Alerus Financial, National Association 409 Second Street Excelsior, MN 55331 Full Service B&M $47,112
Alerus Financial, National Association 500 Demers Ave Grand Forks, ND 58201 Full Service B&M $45,505
Alerus Financial, National Association 503 Washington Ave. Northwood, ND 58267 Full Service B&M $32,797
Alerus Financial, National Association 7890 Mitchell Road Eden Prairie, MN 55344 Full Service B&M $59,554

For 2021, Alerus Financial had 15 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $92,657
Net interest income $88,996
Total noninterest income $147,534
Gross Fiduciary activities income $89,563
Service charges on deposit accounts $1,395
Trading account gains and fees $0
Additional Noninterest Income $56,576
Pre-tax net operating income $74,242
Securities gains (or losses, -) $125
Income before extraordinary items $56,643
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $56,643
Minority interest net income $0
Net income $56,643
Sale, conversion, retirement of capital stock, net $0
Net operating income $56,544

Alerus Financial's gross interest income from loans was $92,657,000.
Alerus Financial's net interest income from loans was $88,996,000.
Alerus Financial's fee based income from loans was $1,395,000.
Alerus Financial's net income from loans was $56,643,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,661
Provision for credit losses $-3,500
Total noninterest expense $165,788
Salaries and employee benefits $113,743
Premises and equipment expense $8,283
Additional noninterest expense $43,762
Applicable income taxes $17,724
Net charge-offs $-826
Cash dividends $16,000

Alerus Financial's interest expense for loans was $3,661,000.
Alerus Financial's payroll and benefits expense were $113,743,000.
Alerus Financial's property, plant and equipment expenses $8,283,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $3,002,304
Deposits held in domestic offices $3,002,304
Deposits by Individuals, partnerships, and corporations $2,821,038
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $181,091
Deposits by Commercial banks and other depository institutions in U.S. $175
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $603,368
Demand deposits $330,276
Nontransaction accounts $2,398,936
Money market deposit accounts (MMDAs) $2,069,201
Other savings deposits (excluding MMDAs) $96,825
Total time deposits $232,911
Total time and savings deposits $2,672,028
Noninterest-bearing deposits $1,020,593
Interest-bearing deposits $1,981,711
Retail deposits $2,910,782
IRAs and Keogh plan accounts $23,270
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $3,390,640
Cash & Balances due from depository institutions $242,311
Interest-bearing balances $222,097
Total securities $1,205,710
Federal funds sold & reverse repurchase $0
Net loans and leases $1,772,938
Loan and leases loss allowance $31,572
Trading account assets $0
Bank premises and fixed assets $22,010
Other real estate owned $855
Goodwill and other intangibles $53,620
All other assets $93,196

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $3,390,640
Total Liabilities $3,048,412
Total deposits $3,002,304
Interest-bearing deposits $1,981,711
Deposits held in domestic offices $3,002,304
% insured (estimated) $37
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $46,108

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,772,938
Loan and leases loss allowance $31,572
Total loans and leases (domestic) $1,804,510
All real estate loans $1,322,386
Real estate loans in domestic offices $1,322,386
Construction and development loans $72,249
Residential 1-4 family construction $31,630
Other construction, all land development and other land $40,619
Loans secured by nonfarm nonresidential properties $496,116
Nonfarm nonresidential secured by owner-occupied properties $198,236
Commercial real estate & other non-farm, non-residential $297,880
Multifamily residential real estate $75,295
1-4 family residential loans $651,244
Farmland loans $27,482
Loans held in foreign offices $0
Farm loans $27,240
Commercial and industrial loans $403,880
To non-U.S. addressees $0
Loans to individuals $45,363
Credit card loans $0
Related Plans $9,575
Consumer Auto Loans $30,209
Other loans to individuals $5,579
All other loans & leases $5,641
Loans to foreign governments and official institutions $0
Other loans $390
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $676
Non 1-4 family restructured loans & leases $674
Total loans and leases (foreign) $0

Alerus Financial had $1,772,938,000 of loans outstanding in 2021. $1,322,386,000 of loans were in real estate loans. $72,249,000 of loans were in development loans. $75,295,000 of loans were in multifamily mortgage loans. $651,244,000 of loans were in 1-4 family mortgage loans. $27,240,000 of loans were in farm loans. $0 of loans were in credit card loans. $30,209,000 of loans were in the auto loan category.

Small Business Loans

Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
Nonfarm, nonresidential loans - <$1MM 284 $95,076 $334,775
Nonfarm, nonresidential loans - <$100k 18 $1,017 $56,500
Nonfarm, nonresidential loans - $100-250k 64 $7,561 $118,141
Nonfarm, nonresidential loans - $250k-1MM 202 $86,498 $428,208
Commercial & Industrial, US addressed loans - <$1MM 1,793 $181,407 $101,175
Commercial & Industrial, US addressed loans - <$100k 955 $29,158 $30,532
Commercial & Industrial, US addressed loans - $100-250k 504 $56,639 $112,379
Commercial & Industrial, US addressed loans - $250k-1MM 334 $95,610 $286,257
Farmland loans - <$1MM 62 $12,691 $204,694
Farmland loans - <$100k 6 $251 $41,833
Farmland loans - $100-250k 25 $3,616 $144,640
Farmland loans - $250k-1MM 31 $8,824 $284,645
Agriculture operations loans - <$1MM 299 $14,376 $48,080
Agriculture operations loans - <$100k 217 $4,776 $22,009
Agriculture operations loans - $100-250k 64 $5,789 $90,453
Agriculture operations loans - $250k-1MM 18 $3,811 $211,722