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 small mortgage company specializing in Refi and Home Purchase 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 by origination volume include: Minneapolis, Fargo, Grand Forks, Phoenix, and Brainerd among others. We have data for 134 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%	4/21/24
30 Year Conventional Purchase	6.50%	4/21/24
30 Year Conventional Refi	6.44%	4/21/24
30 Year Cash-out Refi	6.78%	4/21/24
30 Year FHA Purchase	7.18%	4/21/24
30 Year FHA Refi	6.27%	4/21/24
30 Year VA Purchase	6.27%	4/21/24
30 Year VA Refi	5.97%	4/21/24
30 Year USDA Purchase	6.44%	4/21/24
15 Year Conventional Purchase	6.12%	4/21/24
15 Year Conventional Refi	6.18%	4/21/24
15 Year Cash-out Refi	6.18%	4/21/24
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

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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

7,005

Origination Dollar Volume (All Markets)

$1,914,325,000

Employee count

834

Awards

Alerus Financial 30 Year Conventional Loans silver

Alerus Financial 30 Year Conventional Loans gold

Alerus Financial 30 Year Conventional Loans bronze

Show all (16) 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)	5,432	$1,527,920,000	$281,281	$2,708	3.18%
FARGO, ND-MN (FHA\|USDA\|VA)	457	$115,085,000	$251,827	$2,216	3.44%
GRAND FORKS, ND-MN (FHA\|USDA\|VA)	308	$52,680,000	$171,039	$2,675	3.38%
PHOENIX-MESA-CHANDLER, AZ (FHA\|USDA\|VA)	147	$42,925,000	$292,007	$2,901	3.31%
Outside of Metro Areas	192	$41,370,000	$215,469	$2,703	3.14%
Brainerd, MN (FHA\|USDA\|VA)	55	$17,145,000	$311,727	$3,476	3.10%
DENVER-AURORA-LAKEWOOD, CO (FHA\|USDA\|VA)	31	$10,365,000	$334,355	$2,410	2.98%
Fergus Falls, MN (FHA\|USDA\|VA)	27	$6,855,000	$253,889	$3,510	2.97%
ST. CLOUD, MN (FHA\|USDA\|VA)	18	$4,120,000	$228,889	$3,181	3.02%
DULUTH, MN-WI (FHA\|USDA\|VA)	17	$3,875,000	$227,941	$2,850	2.90%
Faribault-Northfield, MN (FHA\|USDA\|VA)	15	$3,625,000	$241,667	$2,112	3.34%
Los Angeles-Long Beach-Anaheim, CA (FHA\|USDA\|VA)	7	$3,375,000	$482,143	$3,339	3.57%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA\|USDA\|VA)	13	$3,195,000	$245,769	$2,946	3.13%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA\|USDA\|VA)	6	$3,110,000	$518,333	$3,066	2.81%
Chicago-Naperville-Elgin, IL-IN-WI (FHA\|USDA\|VA)	8	$2,630,000	$328,750	$2,905	2.95%
Alexandria, MN (FHA\|USDA\|VA)	7	$2,625,000	$375,000	$3,850	3.00%
CAPE CORAL-FORT MYERS, FL (FHA\|USDA\|VA)	8	$2,280,000	$285,000	$3,087	2.92%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA\|USDA\|VA)	7	$2,275,000	$325,000	$2,931	2.73%
NAPLES-MARCO ISLAND, FL (FHA\|USDA\|VA)	3	$2,185,000	$728,333	$4,429	3.04%
Grand Rapids, MN (FHA\|USDA\|VA)	8	$2,180,000	$272,500	$3,010	3.08%
Boston-Cambridge-Newton, MA-NH (FHA\|USDA\|VA)	3	$2,165,000	$721,667	$5,178	3.04%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA\|USDA\|VA)	4	$2,110,000	$527,500	$4,739	3.25%
North Port-Sarasota-Bradenton, FL (FHA\|USDA\|VA)	5	$2,005,000	$401,000	$5,553	2.83%
Hutchinson, MN (FHA\|USDA\|VA)	8	$1,860,000	$232,500	$3,521	2.95%
FLAGSTAFF, AZ (FHA\|USDA\|VA)	5	$1,815,000	$363,000	$2,467	2.85%
Bemidji, MN (FHA\|USDA\|VA)	7	$1,695,000	$242,143	$4,438	2.89%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA\|USDA\|VA)	8	$1,680,000	$210,000	$2,523	2.94%
Astoria, OR (FHA\|USDA\|VA)	1	$1,545,000	$1,545,000	$6,214	3.50%
ROCHESTER, MN (FHA\|USDA\|VA)	6	$1,510,000	$251,667	$3,657	3.35%
Red Wing, MN (FHA\|USDA\|VA)	6	$1,480,000	$246,667	$1,703	3.19%
OSHKOSH-NEENAH, WI (FHA\|USDA\|VA)	5	$1,335,000	$267,000	$3,709	2.93%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA\|USDA\|VA)	5	$1,325,000	$265,000	$892	2.98%
MILWAUKEE-WAUKESHA, WI (FHA\|USDA\|VA)	7	$1,265,000	$180,714	$1,773	3.38%
Wahpeton, ND-MN (FHA\|USDA\|VA)	7	$1,205,000	$172,143	$3,265	3.43%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA\|USDA\|VA)	4	$1,180,000	$295,000	$4,204	2.91%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA\|USDA\|VA)	4	$1,180,000	$295,000	$3,317	2.78%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA\|USDA\|VA)	4	$1,160,000	$290,000	$3,366	2.88%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA\|USDA\|VA)	3	$1,095,000	$365,000	$3,356	2.71%
TUCSON, AZ (FHA\|USDA\|VA)	4	$980,000	$245,000	$2,207	2.88%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA\|USDA\|VA)	3	$955,000	$318,333	$3,437	3.83%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA\|USDA\|VA)	5	$795,000	$159,000	$3,068	3.05%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA\|USDA\|VA)	3	$765,000	$255,000	$2,294	2.58%
Seattle-Tacoma-Bellevue, WA (FHA\|USDA\|VA)	1	$745,000	$745,000	$4,033	3.38%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA\|USDA\|VA)	3	$735,000	$245,000	$2,377	3.08%
Show Low, AZ (FHA\|USDA\|VA)	2	$730,000	$365,000	$2,645	4.26%
LANSING-EAST LANSING, MI (FHA\|USDA\|VA)	4	$720,000	$180,000	$2,323	2.84%
DES MOINES-WEST DES MOINES, IA (FHA\|USDA\|VA)	1	$685,000	$685,000	$2,060	3.50%
Dallas-Fort Worth-Arlington, TX (FHA\|USDA\|VA)	2	$650,000	$325,000	$3,221	3.06%
Bozeman, MT (FHA\|USDA\|VA)	2	$640,000	$320,000	$3,848	3.38%
ASHEVILLE, NC (FHA\|USDA\|VA)	2	$610,000	$305,000	$1,458	3.19%
Sonora, CA (FHA\|USDA\|VA)	2	$610,000	$305,000	$2,514	3.25%
OCALA, FL (FHA\|USDA\|VA)	3	$605,000	$201,667	$2,597	2.63%
Willmar, MN (FHA\|USDA\|VA)	3	$605,000	$201,667	$2,251	3.21%
EAU CLAIRE, WI (FHA\|USDA\|VA)	3	$605,000	$201,667	$1,729	2.96%
Outside of Metro Areas	2	$600,000	$300,000	$2,396	3.50%
DURHAM-CHAPEL HILL, NC (FHA\|USDA\|VA)	2	$570,000	$285,000	$721	3.00%
RALEIGH-CARY, NC (FHA\|USDA\|VA)	2	$570,000	$285,000	$1,525	3.06%
RICHMOND, VA (FHA\|USDA\|VA)	2	$560,000	$280,000	$3,897	2.50%
Jamestown, ND (FHA\|USDA\|VA)	3	$555,000	$185,000	$3,152	3.17%
Breckenridge, CO (FHA\|USDA\|VA)	1	$555,000	$555,000	$3,535	3.50%
SAVANNAH, GA (FHA\|USDA\|VA)	2	$550,000	$275,000	$3,094	3.13%
BISMARCK, ND (FHA\|USDA\|VA)	2	$540,000	$270,000	$2,073	2.88%
Detroit-Warren-Dearborn, MI (FHA\|USDA\|VA)	1	$515,000	$515,000	$2,614	3.13%
SIOUX FALLS, SD (FHA\|USDA\|VA)	4	$510,000	$127,500	$3,306	3.34%
Edwards, CO (FHA\|USDA\|VA)	1	$485,000	$485,000	$1,197	2.63%
COLUMBUS, OH (FHA\|USDA\|VA)	1	$475,000	$475,000	$4,021	2.63%
Winona, MN (FHA\|USDA\|VA)	1	$475,000	$475,000	$3,815	2.63%
ST. LOUIS, MO-IL (FHA\|USDA\|VA)	1	$465,000	$465,000	$4,748	4.00%
FORT COLLINS, CO (FHA\|USDA\|VA)	1	$455,000	$455,000	$4,388	3.50%
CLEVELAND-ELYRIA, OH (FHA\|USDA\|VA)	2	$450,000	$225,000	$3,391	3.25%
JACKSONVILLE, FL (FHA\|USDA\|VA)	1	$445,000	$445,000	$0	2.63%
Marshall, MN (FHA\|USDA\|VA)	3	$445,000	$148,333	$5,447	4.21%
New York-Newark-Jersey City, NY-NJ-PA (FHA\|USDA\|VA)	1	$445,000	$445,000	$5,220	2.50%
Watertown, SD (FHA\|USDA\|VA)	1	$445,000	$445,000	$2,722	2.50%
GREELEY, CO (FHA\|USDA\|VA)	2	$440,000	$220,000	$2,250	2.69%
GREENVILLE-ANDERSON, SC (FHA\|USDA\|VA)	2	$430,000	$215,000	$3,187	3.13%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA\|USDA\|VA)	1	$415,000	$415,000	$4,819	3.00%
PORTLAND-SOUTH PORTLAND, ME (FHA\|USDA\|VA)	2	$410,000	$205,000	$1,763	3.56%
Cullowhee, NC (FHA\|USDA\|VA)	1	$405,000	$405,000	$3,109	3.00%
TRENTON-PRINCETON, NJ (FHA\|USDA\|VA)	1	$405,000	$405,000	$4,139	2.25%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA\|USDA\|VA)	1	$395,000	$395,000	$4,082	3.25%
MANKATO, MN (FHA\|USDA\|VA)	3	$395,000	$131,667	$1,349	3.33%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA\|USDA\|VA)	1	$385,000	$385,000	$3,235	3.13%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA\|USDA\|VA)	1	$365,000	$365,000	$2,177	3.25%
MANCHESTER-NASHUA, NH (FHA\|USDA\|VA)	1	$355,000	$355,000	$3,231	3.25%
ST. GEORGE, UT (FHA\|USDA\|VA)	1	$355,000	$355,000	$0	2.38%
LA CROSSE-ONALASKA, WI-MN (FHA\|USDA\|VA)	1	$345,000	$345,000	$2,031	3.13%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA\|USDA\|VA)	1	$345,000	$345,000	$2,576	3.25%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA\|USDA\|VA)	3	$345,000	$115,000	$3,371	3.38%
HOMOSASSA SPRINGS, FL (FHA\|USDA\|VA)	2	$340,000	$170,000	$3,932	2.63%
BARNSTABLE TOWN, MA (FHA\|USDA\|VA)	1	$335,000	$335,000	$3,305	2.75%
LINCOLN, NE (FHA\|USDA\|VA)	1	$325,000	$325,000	$3,658	3.25%
COLUMBIA, SC (FHA\|USDA\|VA)	1	$315,000	$315,000	$3,534	3.00%
ALBUQUERQUE, NM (FHA\|USDA\|VA)	1	$315,000	$315,000	$2,159	3.50%
Brookings, SD (FHA\|USDA\|VA)	1	$295,000	$295,000	$1,135	2.75%
MADISON, WI (FHA\|USDA\|VA)	1	$295,000	$295,000	$1,070	3.00%
PROVO-OREM, UT (FHA\|USDA\|VA)	1	$295,000	$295,000	$2,466	2.50%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA\|USDA\|VA)	1	$285,000	$285,000	$2,635	3.13%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA\|USDA\|VA)	1	$285,000	$285,000	$2,953	3.75%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA\|USDA\|VA)	1	$275,000	$275,000	$3,636	2.00%
ANN ARBOR, MI (FHA\|USDA\|VA)	1	$275,000	$275,000	$4,906	3.50%
Menomonie, WI (FHA\|USDA\|VA)	1	$255,000	$255,000	$1,800	4.00%
PROVIDENCE-WARWICK, RI-MA (FHA\|USDA\|VA)	1	$255,000	$255,000	$1,548	2.50%
Manitowoc, WI (FHA\|USDA\|VA)	1	$255,000	$255,000	$2,735	3.00%
Oak Harbor, WA (FHA\|USDA\|VA)	1	$255,000	$255,000	$3,421	2.50%
CHATTANOOGA, TN-GA (FHA\|USDA\|VA)	1	$245,000	$245,000	$2,749	2.88%
Steamboat Springs, CO (FHA\|USDA\|VA)	1	$235,000	$235,000	$2,941	2.50%
Albert Lea, MN (FHA\|USDA\|VA)	2	$230,000	$115,000	$438	3.06%
Spearfish, SD (FHA\|USDA\|VA)	1	$225,000	$225,000	$0	3.75%
YORK-HANOVER, PA (FHA\|USDA\|VA)	1	$225,000	$225,000	$3,233	3.63%
Sebastian-Vero Beach, FL (FHA\|USDA\|VA)	1	$215,000	$215,000	$2,704	2.75%
HUNTSVILLE, AL (FHA\|USDA\|VA)	2	$210,000	$105,000	$1,385	2.75%
GREENSBORO-HIGH POINT, NC (FHA\|USDA\|VA)	1	$205,000	$205,000	$85	2.50%
BILLINGS, MT (FHA\|USDA\|VA)	1	$205,000	$205,000	$3,422	2.63%
FLINT, MI (FHA\|USDA\|VA)	1	$195,000	$195,000	$1,682	2.38%
CHARLESTON-NORTH CHARLESTON, SC (FHA\|USDA\|VA)	1	$195,000	$195,000	$0	2.38%
Whitewater, WI (FHA\|USDA\|VA)	1	$195,000	$195,000	$2,423	3.63%
SPARTANBURG, SC (FHA\|USDA\|VA)	1	$185,000	$185,000	$3,007	2.50%
CHEYENNE, WY (FHA\|USDA\|VA)	1	$185,000	$185,000	$127	3.00%
WARNER ROBINS, GA (FHA\|USDA\|VA)	1	$175,000	$175,000	$2,379	2.50%
Helena, MT (FHA\|USDA\|VA)	1	$165,000	$165,000	$2,227	2.88%
Houghton, MI (FHA\|USDA\|VA)	1	$165,000	$165,000	$3,502	2.50%
PUNTA GORDA, FL (FHA\|USDA\|VA)	1	$165,000	$165,000	$3,105	3.75%
Dickinson, ND (FHA\|USDA\|VA)	1	$165,000	$165,000	$2,450	3.13%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA\|USDA\|VA)	1	$155,000	$155,000	$0	2.75%
LANCASTER, PA (FHA\|USDA\|VA)	1	$145,000	$145,000	$2,847	2.63%
Austin, MN (FHA\|USDA\|VA)	1	$125,000	$125,000	$2,400	3.50%
AMARILLO, TX (FHA\|USDA\|VA)	1	$125,000	$125,000	$1,916	2.75%
CHARLESTON, WV (FHA\|USDA\|VA)	1	$125,000	$125,000	$2,080	2.63%
Fairmont, MN (FHA\|USDA\|VA)	1	$125,000	$125,000	$2,982	2.50%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA\|USDA\|VA)	1	$105,000	$105,000	$3,364	4.13%
WATERLOO-CEDAR FALLS, IA (FHA\|USDA\|VA)	1	$85,000	$85,000	$1,335	2.38%
MUSKEGON, MI (FHA\|USDA\|VA)	1	$75,000	$75,000	$3,379	3.88%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA\|USDA\|VA)	1	$55,000	$55,000	$3,017	3.13%

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

Their top states include:

Minnesota (FHA|USDA|VA)

North Dakota (FHA|USDA|VA)

Arizona (FHA|USDA|VA)

Wisconsin (FHA|USDA|VA)

Colorado (FHA|USDA|VA)

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Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	5,934	$1,758,780,000	$296,390	$2,575	3.07%
HELOC	821	$85,715,000	$104,403	n/a	4.26%
FHA	143	$36,085,000	$252,343	$5,681	2.85%
VA	101	$32,765,000	$324,406	$5,914	2.76%
USDA	6	$980,000	$163,333	$2,731	3.02%

For 2020, Alerus Financial's most frequently originated type of loan was Conventional, with 5,934 originations. Their 2nd most popular type was HELOC, with 821 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	3,644	$1,012,220,000	$277,777	$2,790	3.10%
Home Purchase	2,779	$826,045,000	$297,245	$2,642	3.11%
Home Improvement	372	$57,760,000	$155,269	$1,879	4.24%
Other	210	$18,300,000	$87,143	$65	4.36%

For 2020, Alerus Financial's most frequently cited loan purpose was Refi, with 3,644 originations. The 2nd most popular reason was Home Purchase, with 2,779 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	5,235	$1,511,725,000	$288,773	$2,810	3.13%
15 Year	945	$221,075,000	$233,942	$2,628	2.88%
20 Year	535	$94,475,000	$176,589	$2,541	3.85%
1 Year	112	$14,280,000	$127,500	$645	4.97%
10 Year	88	$31,300,000	$355,682	$1,331	3.66%
Other	48	$28,450,000	$592,708	$1,688	3.80%
5 Year	35	$6,625,000	$189,286	$0	4.53%
30+ year	7	$6,395,000	$913,571	$5,444	2.86%

For 2020, Alerus Financial's most frequently cited loan duration was 30 Year, with 5,235 originations. The 2nd most popular length was 15 Year, with 945 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$1k-2k	2,634	$757,770,000	$287,688
$<1k	2,630	$742,170,000	$282,194
$2k-3k	449	$118,495,000	$263,909
$3k-4k	235	$71,875,000	$305,851
$4k-5k	116	$46,520,000	$401,034
$5k+	79	$42,205,000	$534,241

Alerus Financial's average total fees were $2,810, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 2,634 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	2,678	$748,150,000	$279,369
2.5-3%	2,480	$750,150,000	$302,480
<2.5%	1,190	$337,810,000	$283,874
4-5%	539	$66,525,000	$123,423
5-6%	109	$11,115,000	$101,972
6-7%	7	$475,000	$67,857
7-8%	2	$100,000	$50,000

During 2020, Alerus Financial's average interest rate for loans was 3.13%, while their most frequently originated rate bucket for loans was 3-4%, with 2,678 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	3,548	$1,009,930,000	$284,648	$2,732	3.00%
$100k-200k	1,593	$246,255,000	$154,586	$2,433	3.27%
$400k-600k	917	$427,675,000	$466,385	$3,073	2.97%
$100,000 or less	778	$44,850,000	$57,648	$1,064	4.23%
$600k-1MM	123	$91,075,000	$740,447	$5,145	3.34%
$1MM+	46	$94,540,000	$2,055,217	$5,373	3.37%

2020 saw Alerus Financial place emphasis on $200k-400k loans with 3,548 originations, totaling $1,009,930,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	1,812	$472,230,000	$260,613	$2,694	3.18%
$150k-250k	1,658	$505,250,000	$304,735	$2,819	3.25%
$75k-100k	1,078	$245,010,000	$227,282	$2,588	3.15%
$50k-75k	1,012	$208,440,000	$205,968	$2,508	3.11%
$250k+	793	$314,055,000	$396,034	$3,245	3.37%
$50k or less	390	$62,970,000	$161,462	$2,445	3.10%

Alerus Financial lent most frequently to those with incomes in the $100k-150k range, with 1,812 originations. The second most popular income band? $150k-250k, with 1,658 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	2,115	$573,365,000	$271,095	$2,672	3.12%
30-36%	1,349	$371,715,000	$275,549	$2,670	3.23%
<20%	1,139	$317,105,000	$278,406	$2,713	3.07%
39%	245	$63,845,000	$260,592	$2,524	3.26%
36%	234	$63,820,000	$272,735	$2,430	3.24%
38%	224	$56,810,000	$253,616	$2,862	3.30%
37%	218	$57,400,000	$263,303	$2,727	3.33%
40%	202	$54,690,000	$270,743	$2,921	3.19%
42%	190	$51,160,000	$269,263	$2,852	3.36%
41%	183	$47,965,000	$262,104	$2,430	3.20%
43%	169	$42,995,000	$254,408	$2,805	3.31%
44%	160	$41,200,000	$257,500	$2,532	3.25%
45%	100	$23,370,000	$233,700	$2,985	3.40%
46%	98	$22,520,000	$229,796	$2,685	3.33%
48%	85	$20,455,000	$240,647	$3,193	3.39%
49%	84	$16,660,000	$198,333	$3,094	3.56%
47%	83	$17,865,000	$215,241	$2,491	3.65%
50-60%	55	$11,635,000	$211,545	$3,858	3.58%
>60%	3	$855,000	$285,000	$2,955	4.02%

Alerus Financial lent most frequently to those with DTI ratios of 20-30%, with 2,115 originations. The next most common DTI ratio? 30-36%, with 1,349 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	5,165	$1,436,555,000	$278,133	$2,746	3.14%
Not provided	1,400	$317,710,000	$226,936	$2,487	3.43%
Asian	199	$57,835,000	$290,628	$2,397	2.95%
Not applicable	38	$48,990,000	$1,289,211	$0	4.29%
Black	127	$32,255,000	$253,976	$3,266	3.07%
American Indian	30	$8,030,000	$267,667	$2,426	2.99%
Asian Indian	24	$7,030,000	$292,917	$3,358	3.08%
Other Asian	12	$2,980,000	$248,333	$2,872	3.29%
Korean	3	$665,000	$221,667	$903	3.41%
Japanese	2	$550,000	$275,000	$2,836	3.38%
Chinese	1	$515,000	$515,000	$4,566	2.38%
Vietnamese	1	$495,000	$495,000	$3,029	2.88%
Native Hawaiian or Islander	1	$435,000	$435,000	$3,745	2.75%
Other Pacific Islander	1	$145,000	$145,000	$0	3.25%
Filipino	1	$135,000	$135,000	$0	4.25%

Approval Rates

Total approvals of all applications
98.28%

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
90.96%

Alerus Financial has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	7,005	$1,914,325,000	$273,280

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	7	$39,975,000	$5,710,714
Single Family (1-4 Units):Site-Built	6,998	$1,874,350,000	$267,841

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	556	$89,320,000	$160,647	$1,841	3.82%
40-60%	978	$245,940,000	$251,472	$2,568	3.00%
60-80%	2,771	$878,785,000	$317,136	$2,809	3.04%
80-100%	2,106	$655,840,000	$311,415	$2,812	3.02%
Over 100%	20	$6,820,000	$341,000	$10,914	2.93%
Under 20%	568	$35,960,000	$63,310	$264	4.40%

Complaints

Bank Name	Product	Issue	2020 CPFB Complaints	% of Total Issues
Alorica Inc.	Conventional home mortgage	Trouble during payment process	1	50.0%
Alorica Inc.	Other type of mortgage	Applying for a mortgage or refinancing an existing mortgage	1	50.0%

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	$142,274
Alerus Financial, National Association	15 Broadway Fargo, ND 58102	Full Service B&M	$92,555
Alerus Financial, National Association	1540 S. Stapley Drive Mesa, AZ 85204	Full Service B&M	$24,400
Alerus Financial, National Association	17045 North Scottsdale Road Scottsdale, AZ 85255	Full Service B&M	$87,098
Alerus Financial, National Association	1750 32nd Avenue South Grand Forks, ND 58201	Full Service B&M	$20,631
Alerus Financial, National Association	19765 Highway 7 Shorewood, MN 55331	Full Service B&M	$149,911
Alerus Financial, National Association	2300 South Columbia Road Grand Forks, ND 58201	Full Service B&M	$180,789
Alerus Financial, National Association	3137 32nd Avenue Sw Fargo, ND 58103	Full Service B&M	$137,925
Alerus Financial, National Association	401 Demers Avenue Grand Forks, ND 58201	Full Service B&M	$431,421
Alerus Financial, National Association	409 Second Street Excelsior, MN 55331	Full Service B&M	$46,986
Alerus Financial, National Association	503 Washington Ave. Northwood, ND 58267	Full Service B&M	$30,429
Alerus Financial, National Association	7890 Mitchell Road Eden Prairie, MN 55344	Full Service B&M	$51,872
Alerus Financial, National Association	901 13th Avenue East West Fargo, ND 58078	Full Service B&M	$179,059
Alerus Financial, National Association	990 Helena Street North Oakdale, MN 55128	Full Service B&M	$176,162
Alerus Financial, National Association	Canadian Pacific Plaza, 120 S 6th St, Ste. 200 Minneapolis, MN 55402	Full Service B&M	$775,793

For 2020, Alerus Financial had 15 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$96,102
Net interest income	$87,259
Total noninterest income	$146,653
Gross Fiduciary activities income	$75,675
Service charges on deposit accounts	$1,409
Trading account gains and fees	$0
Additional Noninterest Income	$69,569
Pre-tax net operating income	$61,828
Securities gains (or losses, -)	$2,737
Income before extraordinary items	$49,208
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$49,208
Minority interest net income	$0
Net income	$49,208
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$47,045

Alerus Financial's gross interest income from loans was $96,102,000.
Alerus Financial's net interest income from loans was $87,259,000.
Alerus Financial's fee based income from loans was $1,409,000.
Alerus Financial's net income from loans was $49,208,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$8,843
Provision for credit losses	$10,900
Total noninterest expense	$161,184
Salaries and employee benefits	$108,089
Premises and equipment expense	$10,049
Additional noninterest expense	$43,046
Applicable income taxes	$15,357
Net charge-offs	$578
Cash dividends	$16,000

Alerus Financial's interest expense for loans was $8,843,000.
Alerus Financial's payroll and benefits expense were $108,089,000.
Alerus Financial's property, plant and equipment expenses $10,049,000.

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	$2,648,694
Deposits held in domestic offices	$2,648,694
Deposits by Individuals, partnerships, and corporations	$2,489,172
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$159,190
Deposits by Commercial banks and other depository institutions in U.S.	$332
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$482,131
Demand deposits	$248,024
Nontransaction accounts	$2,166,563
Money market deposit accounts (MMDAs)	$1,877,323
Other savings deposits (excluding MMDAs)	$79,902
Total time deposits	$209,338
Total time and savings deposits	$2,400,670
Noninterest-bearing deposits	$831,417
Interest-bearing deposits	$1,817,277
Retail deposits	$2,586,574
IRAs and Keogh plan accounts	$25,478
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$3,011,785
Cash & Balances due from depository institutions	$172,962
Interest-bearing balances	$143,291
Total securities	$592,342
Federal funds sold & reverse repurchase	$0
Net loans and leases	$2,067,569
Loan and leases loss allowance	$34,246
Trading account assets	$0
Bank premises and fixed assets	$27,005
Other real estate owned	$0
Goodwill and other intangibles	$58,107
All other assets	$93,800

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$3,011,785
Total Liabilities	$2,695,306
Total deposits	$2,648,694
Interest-bearing deposits	$1,817,277
Deposits held in domestic offices	$2,648,694
% insured (estimated)	$39
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$46,612

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$2,067,569
Loan and leases loss allowance	$34,246
Total loans and leases (domestic)	$2,101,815
All real estate loans	$1,336,684
Real estate loans in domestic offices	$1,336,684
Construction and development loans	$59,274
Residential 1-4 family construction	$14,823
Other construction, all land development and other land	$44,451
Loans secured by nonfarm nonresidential properties	$460,783
Nonfarm nonresidential secured by owner-occupied properties	$200,923
Commercial real estate & other non-farm, non-residential	$259,860
Multifamily residential real estate	$86,746
1-4 family residential loans	$714,403
Farmland loans	$15,478
Loans held in foreign offices	$0
Farm loans	$32,494
Commercial and industrial loans	$651,518
To non-U.S. addressees	$0
Loans to individuals	$73,273
Credit card loans	$0
Related Plans	$10,642
Consumer Auto Loans	$55,386
Other loans to individuals	$7,245
All other loans & leases	$7,846
Loans to foreign governments and official institutions	$0
Other loans	$423
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	$3,427
Non 1-4 family restructured loans & leases	$3,422
Total loans and leases (foreign)	$0

Alerus Financial had $2,067,569,000 of loans outstanding in 2020. $1,336,684,000 of loans were in real estate loans. $59,274,000 of loans were in development loans. $86,746,000 of loans were in multifamily mortgage loans. $714,403,000 of loans were in 1-4 family mortgage loans. $32,494,000 of loans were in farm loans. $0 of loans were in credit card loans. $55,386,000 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	307	$96,763	$315,189
Nonfarm, nonresidential loans - <$100k	18	$939	$52,167
Nonfarm, nonresidential loans - $100-250k	74	$8,549	$115,527
Nonfarm, nonresidential loans - $250k-1MM	215	$87,275	$405,930
Commercial & Industrial, US addressed loans - <$1MM	2,956	$305,971	$103,508
Commercial & Industrial, US addressed loans - <$100k	1,776	$54,298	$30,573
Commercial & Industrial, US addressed loans - $100-250k	686	$80,334	$117,105
Commercial & Industrial, US addressed loans - $250k-1MM	494	$171,339	$346,840
Farmland loans - <$1MM	56	$7,638	$136,393
Farmland loans - <$100k	7	$276	$39,429
Farmland loans - $100-250k	27	$3,334	$123,481
Farmland loans - $250k-1MM	22	$4,028	$183,091
Agriculture operations loans - <$1MM	405	$20,073	$49,563
Agriculture operations loans - <$100k	297	$7,230	$24,343
Agriculture operations loans - $100-250k	84	$7,900	$94,048
Agriculture operations loans - $250k-1MM	24	$4,943	$205,958