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Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington , DC 20549 FORM 10 - K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31 , 2020 □ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from Commission File Number : 001-39036 Delaware ( State or other jurisdiction of incorporation or organization ) ALERUS FINANCIAL CORPORATION ( Exact name of registrant as specified in its charter ) 401 Demers Avenue Grand Forks , ND ( Address of principal executive offices ) ( Registrant's Securities registered pursuant to Section 12 ( b ) of the Act : Title of each class Common Stock , par value $ 1.00 per share Large accelerated filer to ( 701 ) 795-3200 telephone number , including area code ) Trading symbol ALRS ( I.R.S. Employer Identification No. ) Accelerated filer > 45-0375407 □ Yes þ No Securities registered pursuant to Section 12 ( g ) of the Act : None . Indicate by check mark if the registrant is a well - known seasoned issuer , as defined in Rule 405 of the Securities Act . Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 ( d ) of the Act . Indicate by check mark whether the registrant ( 1 ) has filed all reports required to be filed by Section 13 or 15 ( d ) of the Securities Exchange Act of 1934 during the preceding 12 months ( or for such shorter period that the registrant was required to file such reports ) , and ( 2 ) has been subject to such filing requirements for the past 90 days . Yes No □ Yes þ No 58201 ( Zip Code ) Name of each exchange on which registered The Nasdaq Stock Market LLC Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S - T ( §232.405 of this chapter ) during the preceding 12 months ( or for such shorter period that the registrant was required to submit such files ) . Yes No Indicate by check mark whether the registrant is a large accelerated filer , an accelerated filer , a non - accelerated filer , smaller reporting company or an emerging growth company . See the definitions of “ large accelerated filer , ” “ accelerated filer , ” “ smaller reporting company " and " emerging growth company " in Rule 12b - 2 of the Exchange Act . Non - accelerated filer Smaller reporting company Emerging growth company If an emerging growth company , indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 ( a ) of the Exchange Act . Indicate by check mark whether the registrant has filed a report on and attestation to his management's assessment of the effectiveness of its internal control over financial reporting under section 404 ( b ) of the Sarbanes - Oxley Act ( U.S.C. 7262 ( b ) ) by the registered public accounting firm that prepared or issued its audit report . Indicate by check mark whether the registrant is a shell company ( as defined in Rule 12b - 2 of the Act ) . Yes No The aggregate market value of the voting common equity held by non - affiliates , as of June 30 , 2020 , was approximately $ 315,239,085 ( based on the closing price on The Nasdaq Capital Market on that date of $ 18.80 ) . The number of shares of the registrant's common stock outstanding at February 28 , 2021 was 17,131,902 . DOCUMENTS INCORPORATED BY REFERENCE : The information required by Part III is incorporated by reference to portions of the definitive proxy statement to be filed within 120 days after December 31 , 2020 , pursuant to Regulation 14A under the Securities Exchange Act of 1934 in connection with the annual meeting of stockholders to be held on May 11 , 2021 .