Alerus Financial Corporation Financial Ratios — ALRS Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	10.63	14.51	15.73	15.52	12.63	9.8	9.95	15.8	16.06	21.05	21.07	14.01	3.95	6.01	5.87
Return on Assets (%)	0.94	1.31	1.5	1.45	1.06	0.74	0.72	1.2	1.3	1.66	1.64	1.12	0.3	0.39	0.33
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	6.19	6.66	6.38	6.88	5.85	4.96	4.72	3.92	3.83	3.95	5.12	6.65	7.83
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	16.63	20.19	26.51	24.3	17.4	12.79	19.3	18.79	20.92	25.72	30	25	9.54	10.35	10.24
Profit Margin (%)	11	12.76	16.82	16.95	12.51	8.48	8.9	14.71	15.89	19.64	22.88	19.17	7.04	7.95	7.9
Net Income to Common Margin (%)	11	12.76	16.65	16.79	12.37	8.46	8.9	14.71	15.89	19.64	22.88	19.17	7.04	7.95	7.9
Effective Tax Rate (%)	33.84	36.78	36.57	30.23	28.09	33.72	53.86	21.71	24.05	23.66	23.74	23.34	26.23	23.23	22.81
Dvd Payout Ratio (%)	- -	- -	23.36	25.92	34.65	43.99	44.86	28.83	30.16	23.25	20.41	32	126.73	86.87	119.4
Sustainable Growth Rate (%)	10.63	14.51	12.05	11.5	8.25	5.49	5.49	11.24	11.21	16.16	16.77	9.53	-1.05	0.79	-1.14

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	22	22	22	21	71	59	89	59	68	67	63	443	379	317	404
ST Debt	- -	- -	- -	- -	- -	- -	30	- -	- -	- -	- -	378	314	239	309
LT Debt	22	22	22	21	71	59	59	59	68	67	63	65	65	78	95
Total Debt/EBITDA	- -	- -	2.9	2.63	8.11	5.17	9.01	6.74	7.71	7.46	7.17	53.75	44.52	21.31	23.38
Net Debt/EBITDA	- -	- -	-6.82	-2.95	-22.55	-13.15	-3.47	1.98	-9.79	-12.85	-20.84	45.97	28.58	15.91	17.4
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	9.1	8.98	9.87	8.64	7.97	7.16	7.24	7.93	8.28	7.61	7.98	7.95	7.48	5.68	5.65
Long-Term Debt/Equity (%)	17.19	15.4	14.11	12.56	38.7	34.84	32.75	29.87	23.67	20.17	17.59	18.14	17.53	15.76	16.9
Long-Term Debt/Capital (%)	14.87	13.55	12.15	14.32	33.7	28.6	24.16	25.4	25.74	22.51	18.93	8.71	9.64	12.67	13.64
Long-Term Debt/Total Assets (%)	1.89	1.64	1.57	1.44	4.05	2.87	2.75	2.7	2.87	2.21	1.86	1.71	1.66	1.48	1.83
Total Debt/Equity (%)	17.19	15.4	14.11	12.56	38.7	34.84	49.46	29.87	23.67	20.17	17.59	124.09	102.64	63.99	71.56
Total Debt/Capital (%)	14.87	13.55	12.15	14.32	33.7	28.6	36.48	25.4	25.74	22.51	18.93	59.58	56.44	51.46	57.77
Total Debt/Total Assets (%)	1.89	1.64	1.57	1.44	4.05	2.87	4.16	2.7	2.87	2.21	1.86	11.72	9.7	6.03	7.73
Net Debt to Equity	-29.09	-72.14	-33.21	-14.05	-107.64	-88.73	-19.05	8.79	-30.06	-34.73	-51.08	106.11	65.89	47.8	53.24
Net Debt/Capital (%)	-41.97	-276.47	-48.26	-22.98	349.78	8,742.79	-28.16	9.06	-72.31	-93.28	-200.25	55.28	44.92	42.68	47.55
EBITDA	- -	- -	7	8	9	11	10	9	9	9	9	8	9	15	17
EBITDA-CapEx	- -	- -	4	6	5	10	7	5	6	5	7	6	5	3	9
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	9.1	8.98	9.87	8.64	7.97	7.16	7.24	7.93	8.28	7.61	7.98	7.95	7.48	5.68	5.65
Long-Term Debt/Equity (%)	17.19	15.4	14.11	12.56	38.7	34.84	32.75	29.87	23.67	20.17	17.59	18.14	17.53	15.76	16.9
Long-Term Debt/Capital (%)	14.87	13.55	12.15	14.32	33.7	28.6	24.16	25.4	25.74	22.51	18.93	8.71	9.64	12.67	13.64
Long-Term Debt/Total Assets (%)	1.89	1.64	1.57	1.44	4.05	2.87	2.75	2.7	2.87	2.21	1.86	1.71	1.66	1.48	1.83
Total Debt/Equity (%)	17.19	15.4	14.11	12.56	38.7	34.84	49.46	29.87	23.67	20.17	17.59	124.09	102.64	63.99	71.56
Total Debt/Capital (%)	14.87	13.55	12.15	14.32	33.7	28.6	36.48	25.4	25.74	22.51	18.93	59.58	56.44	51.46	57.77
Total Debt/Total Assets (%)	1.89	1.64	1.57	1.44	4.05	2.87	4.16	2.7	2.87	2.21	1.86	11.72	9.7	6.03	7.73
CFO/Total Liabilities	- -	- -	4.71	1.62	1.56	1.81	2.45	2.7	0.93	-0.83	4.94	3.01	0.76	0.46	1.45
CFO/CapEx	- -	- -	15.16	10.17	6.24	20.18	16.26	14.27	6.63	-5.84	87.83	57.56	8.73	1.76	7.76
Altman's Z-Score	0.25	0.27	0.31	0.32	0.28	0.25	0.26	0.27	0.29	0.28	0.27	0.24	0.22	0.17	0.19

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	- -	- -	51.32	28.47	30.81	26.46	24.31	24.47	26.43	25.3	19.5	11.64	12.51	10.56
Days Sales Outstanding	- -	- -	- -	7.11	12.82	11.85	13.8	15.01	14.92	13.81	14.43	18.72	31.37	29.18	34.58
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	113	140	224	275	254	229	279	265	337	468	503	435	446	405	572
- Cash & Cash Equivalents	59	124	73	46	266	207	122	41	144	173	242	58	130	61	67
+ Preferred Equity and Hybrid Capital	20	20	20	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	22	22	22	21	71	59	89	59	68	67	63	443	379	317	404
Enterprise Value	96	58	194	47	-132	-196	-21	33	-50	-231	-529	103	208	73	432
Total Capital	147	161	178	150	210	206	244	232	263	296	334	743	671	616	700
Total Debt/Capital (%)	14.87	13.55	12.15	14.32	33.7	28.6	36.48	25.4	25.74	22.51	18.93	59.58	56.44	51.46	57.77
Total Debt / EV	0.23	0.37	0.11	0.46	-0.53	-0.3	-4.23	1.79	-1.35	-0.29	-0.12	4.32	1.82	4.36	0.94
EV/Sales	0.99	0.46	1.61	0.38	- -	- -	- -	0.19	- -	- -	- -	0.49	1.25	0.32	1.96
EV/EBITDA	- -	- -	25.93	5.74	- -	- -	- -	3.77	- -	- -	- -	12.44	24.48	4.88	24.98
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	3.35	2.19	- -	- -	- -	0.62	- -	- -	- -	1	7.77	3.34	6.4
EV/Free Cash Flow to Firm	- -	- -	3.14	1.99	- -	- -	- -	0.57	- -	- -	- -	0.98	6.97	2.13	5.67
Diluted Market Cap	113	140	234	275	264	238	286	271	345	477	512	441	451	410	579
Diluted Enterprise Value	96	58	203	251	68	89	253	289	269	371	333	826	700	666	916
EV per Share	7.22	4.3	14.66	3.36	- -	- -	- -	2.39	- -	- -	- -	5.5	10.46	3.45	17.02
TTM Sales	97	127	121	123	137	166	168	176	186	228	230	209	166	224	221
TTM EBITDA	- -	- -	7	8	9	11	10	9	9	9	9	8	9	15	17
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	- -	- -	58	21	24	34	48	54	19	-22	150	103	27	22	68
TTM Free Cash Flow to Firm	- -	- -	62	23	28	36	51	57	22	-18	152	105	30	34	76

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	3.79	11.71	9.33	6.67	5.63	4.72	15.57	-25.88	3.38	4.21	15.09	12.02	7.59
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	96	58	194	47	-132	-196	-21	33	-50	-231	-529	103	208	73	432
Low Price	6.83	8.38	10.2	16.33	18.4	16.2	16.67	19.21	18.7	15.05	24.06	20.2	13.11	18.09	15.78
EV/Sales	0.99	0.46	1.61	0.38	- -	- -	- -	0.19	- -	- -	- -	0.49	1.25	0.32	1.96
EV/EBITDA	- -	- -	25.93	5.74	- -	- -	- -	3.77	- -	- -	- -	12.44	24.48	4.88	24.98
Price/Earnings	10.57	8.64	11.19	13.37	14.99	16.37	18.61	10.24	11.4	10.48	9.55	10.88	38.14	22.78	32.77
Price/Earnings Average	10.45	7.86	8.67	12.46	15.58	17.01	17.57	12.71	10.08	7.89	9.83	11.7	31.39	25.15	30.55
Price/Earnings High	11.48	16.72	11.3	14.55	17.41	19.26	18.89	14.1	11.97	11.08	12.5	14.21	40.5	30.6	35.41
Price/Earnings Low	8.49	7.01	6.71	11.05	14.6	15.6	15.17	10.22	9.33	5.76	7.85	9.41	22.33	21.41	22.97
Price/Book Value	1.08	1.18	1.65	2.14	1.82	1.56	1.8	1.53	1.73	2.04	1.86	1.45	1.53	1.35	1.93
Price/Book Value Average	1.06	1.08	1.28	1.99	1.89	1.62	1.7	1.9	1.53	1.54	1.91	1.56	1.26	1.5	1.8
Price/Book Value High	1.17	2.29	1.66	2.33	2.12	1.84	1.83	2.11	1.81	2.16	2.43	1.89	1.62	1.82	2.09
Price/Book Value Low	0.86	0.96	0.99	1.77	1.77	1.49	1.47	1.53	1.41	1.12	1.53	1.25	0.89	1.27	1.36
Price/Tangible Book Value	1.06	1.16	1.68	1.89	1.61	2.21	2.32	1.86	1.43	1.72	1.65	1.53	1.47	1.13	1.3
Price/Tangible Book Value Average	1.04	1.05	1.31	1.76	1.67	2.29	2.19	2.31	1.26	1.3	1.69	1.64	1.21	1.25	1.21
Price/Tangible Book Value High	1.15	2.24	1.7	2.06	1.87	2.6	2.35	2.56	1.5	1.82	2.15	2	1.56	1.52	1.4
Price/Tangible Book Value Low	0.85	0.94	1.01	1.56	1.57	2.1	1.89	1.85	1.17	0.95	1.35	1.32	0.86	1.06	0.91
Price/Sales	1.16	1.1	1.86	2.24	1.85	1.39	1.66	1.51	1.81	2.06	2.19	2.09	2.68	1.81	2.59
Price/Sales Average	1.15	1	1.44	2.09	1.93	1.44	1.56	1.87	1.6	1.55	2.25	2.24	2.21	2	2.41
Price/Sales High	1.26	2.13	1.88	2.44	2.15	1.63	1.68	2.07	1.9	2.18	2.86	2.72	2.85	2.43	2.8
Price/Sales Low	0.93	0.89	1.12	1.86	1.8	1.32	1.35	1.5	1.48	1.13	1.8	1.8	1.57	1.7	1.81
Price/Cash Flow	- -	- -	3.88	12.87	10.41	6.75	5.83	4.95	17.49	-21.04	3.36	4.23	16.63	18.62	8.46
Price/Cash Flow Average	- -	- -	3.01	11.99	10.81	7.01	5.5	6.14	15.47	-15.83	3.46	4.55	13.69	20.56	7.89
Price/Cash Flow High	- -	- -	3.92	14.01	12.09	7.94	5.92	6.81	18.37	-22.25	4.39	5.52	17.66	25.02	9.14
Price/Cash Flow Low	- -	- -	2.33	10.64	10.13	6.43	4.75	4.94	14.32	-11.57	2.76	3.66	9.74	17.51	5.93
Price/Free Cash Flow Average	- -	- -	2.94	10.92	9.69	6.93	5.32	5.86	13.77	-19.48	3.48	4.53	12.42	13.28	7.08
Price/Free Cash Flow High	- -	- -	3.83	12.75	10.83	7.85	5.72	6.5	16.35	-27.37	4.42	5.5	16.02	16.16	8.2
Price/Free Cash Flow Low	- -	- -	2.28	9.69	9.08	6.36	4.59	4.71	12.74	-14.23	2.78	3.64	8.83	11.31	5.32
EV/Sales Average	0.97	0.36	1.19	1.9	0.5	0.54	1.37	1.97	1.19	1.08	1.47	4.08	3.71	3.14	3.94
EV/Sales High	1.09	1.49	1.62	2.25	0.72	0.73	1.48	2.18	1.49	1.71	2.08	4.57	4.35	3.57	4.32
EV/Sales Low	0.76	0.25	0.86	1.66	0.38	0.42	1.15	1.61	1.07	0.66	1.02	3.65	3.07	2.84	3.34
EV/EBITDA Average	- -	- -	19.18	28.47	7.79	7.88	23.38	39.74	25.26	27.56	38.47	103.5	72.4	47.24	50.31
EV/EBITDA High	- -	- -	26.23	33.74	11.35	10.66	25.38	43.86	31.63	43.55	54.42	115.67	84.93	53.75	55.22
EV/EBITDA Low	- -	- -	13.9	24.92	5.89	6.15	19.73	32.37	22.72	16.93	26.61	92.39	59.95	42.78	42.66
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	8.5	10.33	17	19.75	18.9	17	20.45	19.25	22.85	27.37	29.28	23.35	22.39	19.24	22.52
High Price	9.23	20	17.17	21.5	21.95	20	20.75	26.5	24	28.94	38.31	30.49	23.78	25.85	24.33
Enterprise Value Average	95	46	143	232	68	90	230	347	221	246	339	853	616	703	870
Enterprise Value High	106	190	196	275	99	121	250	383	277	389	479	953	723	800	955
Enterprise Value Low	74	32	104	203	51	70	194	283	199	151	234	761	510	637	738

Shares Outstanding	- -	- -	- -	14	13	14	14	14	17	17	17	20	20	25	25
Diluted Weighted Avg Shares	13	14	14	14	14	14	14	14	15	17	17	19	20	21	26
Basic Weighted Avg Shares	13	14	13	14	13	13	14	14	15	17	17	19	20	21	25
Revenue per Share	7.31	9.37	9.13	8.8	10.19	12.27	12.34	12.77	12.61	13.3	13.39	11.2	8.34	10.63	8.7
EBITDA per Share	- -	- -	0.57	0.59	0.65	0.84	0.72	0.63	0.6	0.52	0.51	0.44	0.43	0.71	0.68
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.8	1.2	1.52	1.48	1.26	1.04	1.1	1.88	2	2.61	3.06	2.15	0.59	0.84	0.69
Basic EPS from Cont Ops	0.8	1.2	1.53	1.49	1.28	1.04	1.1	1.88	2	2.61	3.06	2.15	0.59	0.84	0.69
Diluted EPS, GAAP	0.8	1.2	1.46	1.48	1.21	1	1.07	1.84	1.96	2.56	3.01	2.12	0.58	0.83	0.68
Diluted EPS from Cont Ops	0.8	1.2	1.47	1.49	1.23	1	1.07	1.84	1.96	2.56	3.01	2.12	0.58	0.83	0.68
Dividend per Share	- -	- -	0.37	0.4	0.45	0.46	0.49	0.54	0.6	0.61	0.63	0.69	0.74	0.73	0.82
Cash Flow per Share	- -	- -	4.38	1.54	1.82	2.52	3.51	3.89	1.31	-1.3	8.72	5.52	1.35	1.03	2.66
Free Cash Flow per Basic Share	- -	- -	4.09	1.38	1.52	2.39	3.29	3.62	1.11	-1.52	8.62	5.43	1.19	0.45	2.32
Cash & Equivalents per Share	4.42	9.1	5.49	17.93	34.04	35.89	28.49	21.13	30.83	44.74	63.76	41.61	30.95	30.85	21.43
Book Value per Share	7.9	8.74	10.33	9.24	10.37	10.88	11.33	12.56	13.24	13.4	15.75	16.12	14.68	14.21	11.64
Tangible Book Value per Share	8.05	8.92	10.1	10.44	11.73	7.7	8.82	10.36	16.03	15.9	17.79	15.27	15.22	17.01	17.32

Alerus Financial Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)