Alerus: Q3 Earnings Snapshot

Associated Press Finance
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GRAND FORKS, N.D. (AP) — GRAND FORKS, N.D. (AP) — Alerus Financial Corporation (ALRS) on Wednesday reported third-quarter profit of $9.2 million.

The Grand Forks, North Dakota-based company said it had net income of 45 cents per share.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.

The company posted revenue of $70.4 million in the period. Its adjusted revenue was $48.8 million.

Alerus shares have fallen 25% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $17.47, a drop of 22% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ALRS at https://www.zacks.com/ap/ALRS

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