GRAND FORKS, N.D. (AP) — GRAND FORKS, N.D. (AP) — Alerus Financial Corporation (ALRS) on Wednesday reported second-quarter profit of $20.9 million.
On a per-share basis, the Grand Forks, North Dakota-based company said it had profit of 81 cents. Earnings, adjusted for non-recurring gains, were 80 cents per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 78 cents per share.
The company posted revenue of $103.6 million in the period. Its adjusted revenue was $81.4 million.
Alerus shares have increased 46% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $32.95, an increase of 47% in the last 12 months.
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