Alerus Financial Mortgage Rates, Fees & Info

Grand Forks, ND

LEI: 549300C4J510S9L1RF98

Tax ID: 45-0140105

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Alerus Financial is a smaller mortgage company specializing in Home Purchase loans. Alerus Financial has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Minneapolis, Fargo, Grand Forks, Phoenix, and St. Cloud among others. We have data for 72 markets. (Some data included below & more in-depth data is available with an active subscription.)

Alerus Financial has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Alerus Financial is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
Home Equity Line of Credit (HELOC)	6.30%	4/18/24
30 Year Conventional Purchase	6.50%	4/18/24
30 Year Conventional Refi	6.44%	4/18/24
30 Year Cash-out Refi	6.78%	4/18/24
30 Year FHA Purchase	7.18%	4/18/24
30 Year FHA Refi	6.27%	4/18/24
30 Year VA Purchase	6.27%	4/18/24
30 Year VA Refi	5.97%	4/18/24
30 Year USDA Purchase	6.44%	4/18/24
15 Year Conventional Purchase	6.12%	4/18/24
15 Year Conventional Refi	6.18%	4/18/24
15 Year Cash-out Refi	6.18%	4/18/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Alerus Financial Mortgage Calculator

Purchase Price:

Loan Amount:

Deposit Amount:

% Deposit:

Interest Rate:

Loan Type:

Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Alerus Financial. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

3,826

Origination Dollar Volume (All Markets)

$913,790,000

Employee count

799

Awards

Alerus Financial 30 Year Conventional Loans bronze

Alerus Financial 30 Year Conventional Loans gold

Alerus Financial 30 Year Conventional Loans silver

Show all (12) awards

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market	Originations	Total Value	Average Loan	Average Fees	Average Rate
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA\|USDA\|VA)	2,954	$734,420,000	$248,619	$4,034	4.67%
FARGO, ND-MN (FHA\|USDA\|VA)	265	$46,915,000	$177,038	$2,531	4.84%
GRAND FORKS, ND-MN (FHA\|USDA\|VA)	245	$32,885,000	$134,224	$2,789	4.83%
PHOENIX-MESA-CHANDLER, AZ (FHA\|USDA\|VA)	63	$23,115,000	$366,905	$5,321	4.63%
Outside of Metro Areas	98	$14,380,000	$146,735	$3,160	4.78%
ST. CLOUD, MN (FHA\|USDA\|VA)	9	$12,275,000	$1,363,889	$1,724	4.34%
DULUTH, MN-WI (FHA\|USDA\|VA)	40	$6,620,000	$165,500	$2,315	4.81%
Brainerd, MN (FHA\|USDA\|VA)	15	$4,455,000	$297,000	$4,302	4.58%
Hutchinson, MN (FHA\|USDA\|VA)	5	$4,035,000	$807,000	$2,270	4.33%
Los Angeles-Long Beach-Anaheim, CA (FHA\|USDA\|VA)	6	$3,210,000	$535,000	$5,230	4.25%
Fergus Falls, MN (FHA\|USDA\|VA)	9	$2,465,000	$273,889	$3,357	4.61%
Faribault-Northfield, MN (FHA\|USDA\|VA)	9	$1,855,000	$206,111	$3,815	4.53%
Grand Rapids, MN (FHA\|USDA\|VA)	6	$1,470,000	$245,000	$3,981	4.69%
Red Wing, MN (FHA\|USDA\|VA)	8	$1,340,000	$167,500	$3,109	4.64%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA\|USDA\|VA)	1	$1,155,000	$1,155,000	$7,215	4.50%
DENVER-AURORA-LAKEWOOD, CO (FHA\|USDA\|VA)	3	$1,095,000	$365,000	$5,070	4.29%
Chicago-Naperville-Elgin, IL-IN-WI (FHA\|USDA\|VA)	3	$1,065,000	$355,000	$4,458	4.46%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA\|USDA\|VA)	1	$965,000	$965,000	$7,664	4.63%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA\|USDA\|VA)	3	$895,000	$298,333	$5,087	4.37%
CAPE CORAL-FORT MYERS, FL (FHA\|USDA\|VA)	3	$865,000	$288,333	$5,639	4.50%
TUCSON, AZ (FHA\|USDA\|VA)	5	$865,000	$173,000	$4,425	4.53%
North Port-Sarasota-Bradenton, FL (FHA\|USDA\|VA)	3	$845,000	$281,667	$5,117	4.04%
MANKATO, MN (FHA\|USDA\|VA)	4	$820,000	$205,000	$4,349	4.72%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA\|USDA\|VA)	2	$720,000	$360,000	$4,035	4.13%
Jamestown, ND (FHA\|USDA\|VA)	3	$705,000	$235,000	$4,618	5.09%
ROCHESTER, MN (FHA\|USDA\|VA)	4	$700,000	$175,000	$2,769	4.81%
Breckenridge, CO (FHA\|USDA\|VA)	1	$645,000	$645,000	$3,365	4.88%
MADISON, WI (FHA\|USDA\|VA)	2	$620,000	$310,000	$2,612	4.44%
Menomonie, WI (FHA\|USDA\|VA)	2	$590,000	$295,000	$5,395	4.63%
Detroit-Warren-Dearborn, MI (FHA\|USDA\|VA)	4	$570,000	$142,500	$2,536	4.63%
Dickinson, ND (FHA\|USDA\|VA)	1	$455,000	$455,000	$6,206	4.38%
OGDEN-CLEARFIELD, UT (FHA\|USDA\|VA)	1	$415,000	$415,000	$5,713	4.50%
GRAND RAPIDS-KENTWOOD, MI (FHA\|USDA\|VA)	3	$405,000	$135,000	$2,393	4.88%
EAU CLAIRE, WI (FHA\|USDA\|VA)	1	$405,000	$405,000	$0	4.13%
New York-Newark-Jersey City, NY-NJ-PA (FHA\|USDA\|VA)	1	$405,000	$405,000	$4,399	4.88%
Bemidji, MN (FHA\|USDA\|VA)	3	$405,000	$135,000	$5,413	4.75%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA\|USDA\|VA)	1	$405,000	$405,000	$8,955	4.63%
RALEIGH-CARY, NC (FHA\|USDA\|VA)	1	$405,000	$405,000	$3,228	4.50%
Marshall, MN (FHA\|USDA\|VA)	2	$390,000	$195,000	$3,147	4.88%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA\|USDA\|VA)	1	$365,000	$365,000	$7,237	4.63%
COLUMBIA, SC (FHA\|USDA\|VA)	1	$355,000	$355,000	$743	4.50%
Hailey, ID (FHA\|USDA\|VA)	1	$355,000	$355,000	$1,612	4.75%
LINCOLN, NE (FHA\|USDA\|VA)	1	$325,000	$325,000	$5,940	4.38%
Owatonna, MN (FHA\|USDA\|VA)	1	$325,000	$325,000	$0	4.63%
MEMPHIS, TN-MS-AR (FHA\|USDA\|VA)	1	$325,000	$325,000	$10,395	4.38%
HICKORY-LENOIR-MORGANTON, NC (FHA\|USDA\|VA)	1	$315,000	$315,000	$2,696	4.50%
WORCESTER, MA-CT (FHA\|USDA\|VA)	1	$305,000	$305,000	$3,115	4.63%
RICHMOND, VA (FHA\|USDA\|VA)	1	$295,000	$295,000	$0	4.00%
BURLINGTON, NC (FHA\|USDA\|VA)	1	$295,000	$295,000	$2,296	4.63%
DES MOINES-WEST DES MOINES, IA (FHA\|USDA\|VA)	1	$285,000	$285,000	$2,310	4.50%
SPOKANE-SPOKANE VALLEY, WA (FHA\|USDA\|VA)	1	$285,000	$285,000	$3,084	4.38%
Outside of Metro Areas	1	$275,000	$275,000	$5,295	4.50%
Winona, MN (FHA\|USDA\|VA)	2	$260,000	$130,000	$1,661	5.19%
Wahpeton, ND-MN (FHA\|USDA\|VA)	2	$260,000	$130,000	$3,255	4.69%
GREELEY, CO (FHA\|USDA\|VA)	1	$235,000	$235,000	$4,200	3.88%
CINCINNATI, OH-KY-IN (FHA\|USDA\|VA)	1	$225,000	$225,000	$3,533	4.50%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA\|USDA\|VA)	1	$225,000	$225,000	$5,432	5.13%
Sebastian-Vero Beach, FL (FHA\|USDA\|VA)	1	$225,000	$225,000	$4,114	4.88%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA\|USDA\|VA)	1	$215,000	$215,000	$2,813	3.88%
SHEBOYGAN, WI (FHA\|USDA\|VA)	1	$205,000	$205,000	$0	4.50%
Whitewater, WI (FHA\|USDA\|VA)	1	$195,000	$195,000	$2,571	4.63%
LANSING-EAST LANSING, MI (FHA\|USDA\|VA)	1	$195,000	$195,000	$4,462	4.50%
OCEAN CITY, NJ (FHA\|USDA\|VA)	1	$175,000	$175,000	$4,174	4.50%
MILWAUKEE-WAUKESHA, WI (FHA\|USDA\|VA)	1	$155,000	$155,000	$185	4.75%
NAPLES-MARCO ISLAND, FL (FHA\|USDA\|VA)	1	$135,000	$135,000	$4,291	4.75%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA\|USDA\|VA)	1	$125,000	$125,000	$4,534	4.88%
New Ulm, MN (FHA\|USDA\|VA)	1	$125,000	$125,000	$2,070	4.63%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA\|USDA\|VA)	1	$125,000	$125,000	$3,361	5.25%
APPLETON, WI (FHA\|USDA\|VA)	1	$125,000	$125,000	$3,042	5.25%
Baraboo, WI (FHA\|USDA\|VA)	2	$110,000	$55,000	$2,285	4.75%
PUNTA GORDA, FL (FHA\|USDA\|VA)	1	$65,000	$65,000	$3,461	5.25%
PORT ST. LUCIE, FL (FHA\|USDA\|VA)	1	$55,000	$55,000	$2,436	4.75%

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

Their top states include:

Minnesota (FHA|USDA|VA)

North Dakota (FHA|USDA|VA)

Arizona (FHA|USDA|VA)

Wisconsin (FHA|USDA|VA)

California (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against Alerus Financial based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

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VALLEY MORTGAGE, INC.
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Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	2,769	$764,565,000	$276,116	$3,676	4.61%
HELOC	763	$76,505,000	$100,269	n/a	5.14%
FHA	200	$46,400,000	$232,000	$5,036	4.26%
VA	84	$24,860,000	$295,952	$6,802	4.14%
USDA	10	$1,460,000	$146,000	$2,110	4.30%

For 2018, Alerus Financial's most frequently originated type of loan was Conventional, with 2,769 originations. Their 2nd most popular type was HELOC, with 763 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	2,629	$700,565,000	$266,476	$4,120	4.59%
Refi	627	$164,195,000	$261,874	$3,709	4.69%
Home Improvement	316	$29,370,000	$92,943	$1,817	5.14%
Other	254	$19,660,000	$77,402	$90	5.15%

For 2018, Alerus Financial's most frequently cited loan purpose was Home Purchase, with 2,629 originations. The 2nd most popular reason was Refi, with 627 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	2,502	$725,810,000	$290,092	$4,454	4.48%
5 Year	482	$51,070,000	$105,954	$67	5.39%
10 Year	400	$40,170,000	$100,425	$627	4.81%
15 Year	253	$45,485,000	$179,783	$2,338	4.69%
1 Year	74	$10,290,000	$139,054	$708	5.77%
Other	68	$16,550,000	$243,382	$318	5.40%
20 Year	45	$13,205,000	$293,444	$2,263	4.66%
3 Year	2	$11,210,000	$5,605,000	$0	5.25%

For 2018, Alerus Financial's most frequently cited loan duration was 30 Year, with 2,502 originations. The 2nd most popular length was 5 Year, with 482 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	1,246	$281,000,000	$225,522
$2k-3k	425	$93,985,000	$221,141
$1k-2k	334	$67,920,000	$203,353
$3k-4k	233	$73,495,000	$315,429
$5k+	172	$96,410,000	$560,523
$4k-5k	128	$49,600,000	$387,500

Alerus Financial's average total fees were $4,454, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,246 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	2,658	$665,700,000	$250,451
5-6%	574	$87,140,000	$151,812
3-4%	449	$149,655,000	$333,307
6-7%	140	$10,910,000	$77,929
7-8%	4	$330,000	$82,500

During 2018, Alerus Financial's average interest rate for loans was 4.48%, while their most frequently originated rate bucket for loans was 4-5%, with 2,658 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	1,562	$433,050,000	$277,241	$4,365	4.49%
$100k-200k	962	$146,260,000	$152,037	$3,031	4.70%
$100,000 or less	849	$46,255,000	$54,482	$884	5.21%
$400k-600k	318	$148,780,000	$467,862	$6,102	4.44%
$600k-1MM	102	$75,770,000	$742,843	$7,653	4.26%
$1MM+	33	$63,675,000	$1,929,545	$7,642	4.31%

2018 saw Alerus Financial place emphasis on $200k-400k loans with 1,562 originations, totaling $433,050,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	883	$202,795,000	$229,666	$3,957	4.72%
$150k-250k	824	$215,840,000	$261,942	$4,174	4.78%
$50k-75k	656	$117,160,000	$178,598	$3,490	4.59%
$75k-100k	624	$124,300,000	$199,199	$3,531	4.62%
$250k+	433	$169,185,000	$390,727	$5,123	4.76%
$50k or less	329	$43,025,000	$130,775	$3,016	4.58%

Alerus Financial lent most frequently to those with incomes in the $100k-150k range, with 883 originations. The second most popular income band? $150k-250k, with 824 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	986	$222,110,000	$225,264	$3,818	4.71%
30-36%	726	$170,390,000	$234,697	$3,823	4.69%
<20%	404	$87,490,000	$216,559	$4,144	4.72%
40%	162	$36,490,000	$225,247	$3,865	4.63%
37%	149	$39,445,000	$264,732	$4,163	4.70%
36%	141	$36,035,000	$255,567	$3,858	4.69%
42%	138	$36,910,000	$267,464	$4,142	4.60%
38%	136	$35,260,000	$259,265	$4,162	4.63%
39%	135	$33,925,000	$251,296	$3,685	4.68%
41%	127	$31,915,000	$251,299	$3,879	4.62%
43%	119	$26,625,000	$223,739	$3,689	4.68%
44%	102	$21,320,000	$209,020	$3,579	4.65%
45%	102	$21,680,000	$212,549	$3,421	4.66%
50-60%	81	$19,605,000	$242,037	$4,912	4.44%
46%	76	$14,830,000	$195,132	$3,130	4.80%
47%	69	$14,175,000	$205,435	$3,079	4.78%
48%	60	$11,190,000	$186,500	$3,630	4.66%
49%	52	$12,750,000	$245,192	$4,195	4.60%
>60%	15	$2,335,000	$155,667	$1,547	4.69%

Alerus Financial lent most frequently to those with DTI ratios of 20-30%, with 986 originations. The next most common DTI ratio? 30-36%, with 726 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	2,952	$732,770,000	$248,228	$4,033	4.61%
Not provided	631	$91,715,000	$145,349	$2,030	5.08%
Not applicable	39	$38,705,000	$992,436	$0	5.31%
Asian	101	$28,065,000	$277,871	$4,661	4.49%
Black	79	$17,455,000	$220,949	$4,381	4.55%
American Indian	10	$2,150,000	$215,000	$3,813	4.61%
Native Hawaiian or Islander	6	$1,640,000	$273,333	$5,018	4.56%
Asian Indian	5	$855,000	$171,000	$4,088	4.78%
Other Asian	1	$195,000	$195,000	$0	4.63%
Other Pacific Islander	1	$165,000	$165,000	$0	4.50%
Vietnamese	1	$75,000	$75,000	$0	5.00%

Approval Rates

Total approvals of all applications
97.24%

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
90.41%

Alerus Financial has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
0.0	2	$420,000	$210,000
NA	3,824	$913,370,000	$238,852

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	13	$29,575,000	$2,275,000
Single Family (1-4 Units):Site-Built	3,813	$884,215,000	$231,895

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	397	$50,465,000	$127,116	$1,534	5.11%
40-60%	276	$64,310,000	$233,007	$3,667	4.60%
60-80%	995	$322,565,000	$324,186	$4,448	4.54%
80-100%	1,565	$441,305,000	$281,984	$4,273	4.47%
Over 100%	14	$4,170,000	$297,857	$11,826	4.23%
Under 20%	579	$30,975,000	$53,497	$120	5.31%

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	$144,356
Alerus Financial, National Association	1405 Miller Trunk Highway, Suite 500 Duluth, MN 55811	Full Service B&M	$8,004
Alerus Financial, National Association	15 Broadway Fargo, ND 58102	Full Service B&M	$80,199
Alerus Financial, National Association	17045 North Scottsdale Road Scottsdale, AZ 85255	Full Service B&M	$67,008
Alerus Financial, National Association	1750 32nd Avenue South Grand Forks, ND 58201	Full Service B&M	$19,457
Alerus Financial, National Association	19765 Highway 7 Shorewood, MN 55331	Full Service B&M	$126,814
Alerus Financial, National Association	2300 South Columbia Road Grand Forks, ND 58201	Full Service B&M	$166,525
Alerus Financial, National Association	306 West Michigan Street Duluth, MN 55802	Limited, Drive-thru	$0
Alerus Financial, National Association	3137 32nd Avenue Sw Fargo, ND 58103	Full Service B&M	$88,951
Alerus Financial, National Association	331 West Superior Street Duluth, MN 55802	Full Service B&M	$19,878
Alerus Financial, National Association	401 Demers Avenue Grand Forks, ND 58201	Full Service B&M	$387,570
Alerus Financial, National Association	409 Second Street Excelsior, MN 55331	Full Service B&M	$55,652
Alerus Financial, National Association	503 Washington Ave. Northwood, ND 58267	Full Service B&M	$22,155
Alerus Financial, National Association	516 Demers Avenue Grand Forks, ND 58201	Full Service B&M	$19,494
Alerus Financial, National Association	7890 Mitchell Road Eden Prairie, MN 55344	Full Service B&M	$38,661
Alerus Financial, National Association	901 13th Avenue East West Fargo, ND 58078	Full Service B&M	$154,512
Alerus Financial, National Association	990 Helena Street North Oakdale, MN 55128	Full Service B&M	$114,504
Alerus Financial, National Association	Canadian Pacific Plaza, 120 S 6th St, Ste. 200 Minneapolis, MN 55402	Full Service B&M	$287,169

For 2018, Alerus Financial had 18 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$87,702
Net interest income	$78,815
Total noninterest income	$102,541
Gross Fiduciary activities income	$75,839
Service charges on deposit accounts	$1,808
Trading account gains and fees	$0
Additional Noninterest Income	$24,894
Pre-tax net operating income	$38,902
Securities gains (or losses, -)	$85
Income before extraordinary items	$30,322
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$30,322
Minority interest net income	$0
Net income	$30,322
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$30,254

Alerus Financial's gross interest income from loans was $87,702,000.
Alerus Financial's net interest income from loans was $78,815,000.
Alerus Financial's fee based income from loans was $1,808,000.
Alerus Financial's net income from loans was $30,322,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$8,887
Provision for credit losses	$8,610
Total noninterest expense	$133,844
Salaries and employee benefits	$86,083
Premises and equipment expense	$9,247
Additional noninterest expense	$38,514
Applicable income taxes	$8,665
Net charge-offs	$3,000
Cash dividends	$11,470

Alerus Financial's interest expense for loans was $8,887,000.
Alerus Financial's payroll and benefits expense were $86,083,000.
Alerus Financial's property, plant and equipment expenses $9,247,000.

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	$1,807,501
Deposits held in domestic offices	$1,807,501
Deposits by Individuals, partnerships, and corporations	$1,659,390
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$147,469
Deposits by Commercial banks and other depository institutions in U.S.	$642
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$285,698
Demand deposits	$198,743
Nontransaction accounts	$1,521,803
Money market deposit accounts (MMDAs)	$1,292,402
Other savings deposits (excluding MMDAs)	$54,947
Total time deposits	$174,454
Total time and savings deposits	$1,608,758
Noninterest-bearing deposits	$571,337
Interest-bearing deposits	$1,236,164
Retail deposits	$1,779,971
IRAs and Keogh plan accounts	$31,157
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$2,176,480
Cash & Balances due from depository institutions	$40,651
Interest-bearing balances	$5,742
Total securities	$253,339
Federal funds sold & reverse repurchase	$0
Net loans and leases	$1,726,192
Loan and leases loss allowance	$22,174
Trading account assets	$1,539
Bank premises and fixed assets	$21,310
Other real estate owned	$169
Goodwill and other intangibles	$54,425
All other assets	$78,855

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$2,176,480
Total Liabilities	$1,926,538
Total deposits	$1,807,501
Interest-bearing deposits	$1,236,164
Deposits held in domestic offices	$1,807,501
% insured (estimated)	$50
Federal funds purchased and repurchase agreements	$93,460
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$25,577

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$1,726,192
Loan and leases loss allowance	$22,174
Total loans and leases (domestic)	$1,748,366
All real estate loans	$1,132,149
Real estate loans in domestic offices	$1,132,149
Construction and development loans	$30,065
Residential 1-4 family construction	$10,986
Other construction, all land development and other land	$19,079
Loans secured by nonfarm nonresidential properties	$365,481
Nonfarm nonresidential secured by owner-occupied properties	$224,667
Commercial real estate & other non-farm, non-residential	$140,814
Multifamily residential real estate	$72,976
1-4 family residential loans	$652,467
Farmland loans	$11,160
Loans held in foreign offices	$0
Farm loans	$34,480
Commercial and industrial loans	$470,620
To non-U.S. addressees	$0
Loans to individuals	$96,186
Credit card loans	$0
Related Plans	$19,172
Consumer Auto Loans	$71,220
Other loans to individuals	$5,794
All other loans & leases	$14,932
Loans to foreign governments and official institutions	$0
Other loans	$466
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	$823
Non 1-4 family restructured loans & leases	$814
Total loans and leases (foreign)	$0

Alerus Financial had $1,726,192,000 of loans outstanding in 2018. $1,132,149,000 of loans were in real estate loans. $30,065,000 of loans were in development loans. $72,976,000 of loans were in multifamily mortgage loans. $652,467,000 of loans were in 1-4 family mortgage loans. $34,480,000 of loans were in farm loans. $0 of loans were in credit card loans. $71,220,000 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	382	$123,046	$322,110
Nonfarm, nonresidential loans - <$100k	26	$1,536	$59,077
Nonfarm, nonresidential loans - $100-250k	104	$13,383	$128,683
Nonfarm, nonresidential loans - $250k-1MM	252	$108,127	$429,075
Commercial & Industrial, US addressed loans - <$1MM	2,192	$202,266	$92,275
Commercial & Industrial, US addressed loans - <$100k	1,280	$41,849	$32,695
Commercial & Industrial, US addressed loans - $100-250k	514	$50,819	$98,870
Commercial & Industrial, US addressed loans - $250k-1MM	398	$109,598	$275,372
Farmland loans - <$1MM	73	$9,358	$128,192
Farmland loans - <$100k	16	$862	$53,875
Farmland loans - $100-250k	31	$3,843	$123,968
Farmland loans - $250k-1MM	26	$4,653	$178,962
Agriculture operations loans - <$1MM	447	$22,152	$49,557
Agriculture operations loans - <$100k	341	$8,597	$25,211
Agriculture operations loans - $100-250k	87	$9,454	$108,667
Agriculture operations loans - $250k-1MM	19	$4,101	$215,842