Alerus Financial Management

Management criteria checks 4/4

Alerus Financial's CEO is Katie Lorenson, appointed in Jan 2022, has a tenure of 2.83 years. total yearly compensation is $1.09M, comprised of 50.3% salary and 49.7% bonuses, including company stock and options. directly owns 0.18% of the company’s shares, worth €962.68K. The average tenure of the management team and the board of directors is 2.4 years and 6.3 years respectively.

Key information

Katie Lorenson

Chief executive officer

US$1.1m

Total compensation

CEO salary percentage	50.3%
CEO tenure	2.8yrs
CEO ownership	0.2%
Management average tenure	2.4yrs
Board average tenure	6.3yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Katie Lorenson's remuneration changed compared to Alerus Financial's earnings?
Date	Total Compensation	Salary	Company Earnings
Sep 30 2024	n/a	n/a	US$3m
Jun 30 2024	n/a	n/a	US$7m
Mar 31 2024	n/a	n/a	US$10m
Dec 31 2023	US$1m	US$550k	US$12m
Sep 30 2023	n/a	n/a	US$37m
Jun 30 2023	n/a	n/a	US$38m
Mar 31 2023	n/a	n/a	US$38m
Dec 31 2022	US$1m	US$550k	US$40m
Sep 30 2022	n/a	n/a	US$41m
Jun 30 2022	n/a	n/a	US$45m
Mar 31 2022	n/a	n/a	US$47m
Dec 31 2021	US$664k	US$336k	US$52m
Sep 30 2021	n/a	n/a	US$49m
Jun 30 2021	n/a	n/a	US$54m
Mar 31 2021	n/a	n/a	US$54m
Dec 31 2020	US$635k	US$320k	US$44m

Compensation vs Market: Katie's total compensation ($USD1.09M) is about average for companies of similar size in the German market ($USD1.03M).

Compensation vs Earnings: Katie's compensation has been consistent with company performance over the past year.

CEO

Katie Lorenson (43 yo)

2.8yrs

Tenure

US$1,093,405

Compensation

Ms. Katie A. Lorenson is President, CEO & Director of Alerus Financial Corporation from January 01, 2022. She joined the Alerus Financial Corporation on December 18, 2017. She was Executive VP & CFO of Ale...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Katie Lorenson	President	2.8yrs	US$1.09m	0.18% € 962.7k
Karin Taylor	Executive VP and Chief Risk & Operating Officer	less than a year	US$622.88k	0.099% € 522.3k
Jim Collins	Executive VP and Chief Banking & Revenue Officer	2.5yrs	US$730.52k	0.054% € 283.7k
Alan Villalon	Executive VP & CFO	2.8yrs	no data	0.037% € 192.6k
Sunil Swami	Chief Investment Officer	no data	no data	no data
Kari Koob	Director of Accounting & Principal Accounting Officer	1.3yrs	no data	0.0027% € 14.0k
Jonathan Hendry	Executive VP & CTO	2.3yrs	no data	0.30% € 1.6m
Bonnie Upham	Chief Compliance Officer	32.2yrs	no data	no data
Scott Fenske	General Counsel & Corporate Secretary	no data	no data	no data
Chris Wolf	Commercial Banking Executive & Regional President	no data	no data	no data
Missy Keney	Executive VP & Chief Engagement Officer	2.3yrs	no data	0.077% € 404.3k
Mark Alley	Market President of National Market	no data	no data	no data

2.4yrs

Average Tenure

51yo

Average Age

Experienced Management: 5QD's management team is considered experienced (2.4 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Katie Lorenson	President	3.8yrs	US$1.09m	0.18% € 962.7k
Daniel Coughlin	Independent Chairman	8.8yrs	US$107.88k	0.18% € 932.5k
Galen Vetter	Independent Director	11.8yrs	US$89.00k	0.20% € 1.0m
Mary Zimmer	Independent Director	3.1yrs	US$85.63k	0.033% € 171.1k
Randy Newman	Director	36.8yrs	US$81.00k	3.17% € 16.7m
Lisa Meyer	Member of Twin Cities Advisory Board	no data	no data	no data
Janet Estep	Independent Director	3.1yrs	US$88.00k	0.042% € 222.2k
Dennis Monroe	Member of Twin Cities Advisory Board	no data	no data	no data
Laurence Gamst	Member of Twin Cities Advisory Board	no data	no data	no data
Julie Newrai	Member of Twin Cities Advisory Board	no data	no data	no data
James Nichols	Member of Twin Cities Advisory Board	no data	no data	no data
Hillary Feder	Member of Twin Cities Advisory Board	no data	no data	no data

6.3yrs

Average Tenure

64yo

Average Age

Experienced Board: 5QD's board of directors are considered experienced (6.3 years average tenure).

Alerus Financial Management

Management criteria checks 4/4

Key information

Recent management updates

Insufficient new directors

Alerus Financial Corporation Hires Equipment Finance Team

Alerus Financial Corporation, Annual General Meeting, May 07, 2024

Alerus Financial Corporation Appoints Forrest Wilson as Executive Vice President and Chief Retirement Services Officer, Effective February 26, 2024

Less than half of directors are independent

Alerus Financial Corporation Announces Resignation of Michael Mathews as Member of Board of Directors

Recent updates

New minor risk - Shareholder dilution

Insufficient new directors

Third quarter 2024 earnings released: EPS: US$0.26 (vs US$0.46 in 3Q 2023)

Alerus Financial Corporation Reports Net Charge Off for the Third Quarter Ended September 30, 2024

Alerus Financial Corporation completed the acquisition of HMN Financial, Inc. (NasdaqGM:HMNF) from a group of shareholders.

Alerus Financial Corporation to Report Q3, 2024 Results on Oct 29, 2024

Upcoming dividend of US$0.20 per share

Second quarter dividend of US$0.20 announced

Alerus Financial Corporation Declares Regular Quarterly Cash Dividend, Payable on October 11, 2024

Second quarter 2024 earnings released: EPS: US$0.31 (vs US$0.45 in 2Q 2023)

Alerus Financial Corporation Reports Net Charge-Offs for the Second Quarter Ended June 30, 2024

Alerus Financial Corporation to Report Q2, 2024 Results on Jul 24, 2024

Now 17% undervalued after recent price drop

Now 20% undervalued after recent price drop

Alerus Financial Corporation Hires Equipment Finance Team

First quarter dividend of US$0.20 announced

Alerus Financial Corporation Declares Cash Dividend on Common Shares, Payable on July 15, 2024

Alerus Financial Corporation (NasdaqCM:ALRS) entered into an agreement to acquire HMN Financial, Inc. (NasdaqGM:HMNF) for approximately $120 million

First quarter 2024 earnings released: EPS: US$0.33 (vs US$0.41 in 1Q 2023)

Alerus Financial Corporation to Report Q1, 2024 Results on Apr 24, 2024

Alerus Financial Corporation, Annual General Meeting, May 07, 2024

Full year 2023 earnings released: EPS: US$0.59 (vs US$2.12 in FY 2022)

Upcoming dividend of US$0.19 per share

Fourth quarter dividend of US$0.19 announced

Alerus Financial Corporation Declares Regular Quarterly Cash Dividend, Payable on April 12, 2024

Alerus Financial Corporation Appoints Forrest Wilson as Executive Vice President and Chief Retirement Services Officer, Effective February 26, 2024

Less than half of directors are independent

Alerus Financial Corporation Announces Resignation of Michael Mathews as Member of Board of Directors

Full year 2023 earnings released: EPS: US$0.59 (vs US$2.12 in FY 2022)

Alerus Financial Corporation to Report Q4, 2023 Results on Jan 24, 2024

Investor sentiment improves as stock rises 17%

Alerus Financial Corporation Declares Regular Quarterly Cash Dividend, Payable on January 12, 2024

Alerus Financial Corporation Appoints Nikki Sorum and John Uribe to its Board of Directors

Third quarter 2023 earnings released: EPS: US$0.46 (vs US$0.48 in 3Q 2022)

Alerus Financial Corporation to Report Q3, 2023 Results on Oct 25, 2023

Upcoming dividend of US$0.19 per share at 3.9% yield

Alerus Financial Corporation Declares Regular Quarterly Cash Dividend, Payable on October 13, 2023

New major risk - Revenue and earnings growth

Alerus Financial Corporation Announces Executive Changes

Second quarter 2023 earnings released: EPS: US$0.45 (vs US$0.53 in 2Q 2022)

Alerus Financial Corporation to Report Q2, 2023 Results on Jul 26, 2023

Upcoming dividend of US$0.19 per share at 4.1% yield

Investor sentiment improves as stock rises 16%

Alerus Financial Corporation Declares Cash Dividend on Common Shares, Payable on July 14, 2023

Now 21% undervalued after recent price drop

Now 21% undervalued after recent price drop

Full year 2022 earnings released: EPS: US$2.12 (vs US$3.02 in FY 2021)

Investor sentiment deteriorates as stock falls 16%

Upcoming dividend of US$0.18 per share at 3.7% yield

Now 26% undervalued after recent price drop

Full year 2022 earnings released: EPS: US$2.15 (vs US$3.02 in FY 2021)

Alerus Financial Corporation to Report Q4, 2022 Results on Jan 25, 2023

Upcoming dividend of US$0.18 per share

Less than half of directors are independent

Alerus Financial Corporation Declares Regular Quarterly Cash Dividend for Common Share, Payable on January 13, 2023

Alerus Financial Corporation Reports Net Charge-Offs for the Third Quarter Ended September 30, 2022

Third quarter 2022 earnings released: EPS: US$0.48 (vs US$0.75 in 3Q 2021)

Alerus Financial Corporation Announces Resignation of Jill Schurtz as Member of the Board of Directors

Alerus Financial Corporation to Report Q3, 2022 Results on Oct 26, 2022

Upcoming dividend of US$0.18 per share

Alerus Financial Corporation Declares Regular Quarterly Cash Dividend, Payable on October 14, 2022

Second quarter 2022 earnings released: EPS: US$0.54 (vs US$0.67 in 2Q 2021)

Alerus Financial Corporation Announces Executive Leadership Changes

Alerus Financial Corporation Appoints Steve Haggard as President of its Arizona Market

Alerus Financial Corporation (NasdaqCM:ALRS) completed the acquisition of MPB BHC, INC. (OTCPK:MPHX).

Alerus Financial Corporation to Report Q2, 2022 Results on Jul 27, 2022

Upcoming dividend of US$0.18 per share

Alerus Financial Corporation Announces Jim Collins Will Join the Company as Executive Vice President and Chief Banking and Revenue Officer, Effective May 31, 2022

Alerus Financial Corporation Appoints Dan Coughlin as Chairman of the Board