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INVESTOR PRESENTATION3Q 2026NASDAQ: ALRSOCTOBER 28, 2026
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DISCLAIMERSForward-Looking StatementsThis presentation contains “forward-looking statements” within the meanings of the Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Thecompany intends such forward-looking statements to be covered by the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, withoutlimitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of Alerus Financial Corporation. These statements are often, but notalways, identified by words such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”,“annualized”, “target” and “outlook”, or the negative version of those words or other comparable words of a future or forward-looking nature. Examples of forward-looking statements include, among others,statements we make regarding our projected growth, anticipated future financial performance, financial condition, credit quality, management’s long-term performance goals and the future plans and prospects ofAlerus Financial Corporation.Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding our business, future plansand strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent known and unknownuncertainties, risks, changes in circumstances and other factors that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from thoseindicated in forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materiallyfrom those indicated in forward-looking statements include, among others, the following: the strength of the local, state, national and international economies and financial markets (including effects of inflationarypressures and future monetary policies of the Federal Reserve and executive orders in response thereto); interest rate risk, including the effects of changes in interest rates, such as the recent increase in thebenchmark federal funds rate by the Federal Reserve; effects on the U.S. economy resulting from actions taken by the federal government, including the threat or implementation of tariffs, immigrationenforcement, executive orders, and changes in foreign policy; disruptions to the global supply chain, including as a result of domestic or foreign policies; our ability to successfully manage credit risk, including in thecommercial real estate (“CRE”) portfolio, and maintain an adequate level of allowance for credit losses; business and economic conditions generally and in the financial services industry, nationally and within ourmarket areas, including the level and impact of inflation rates and possible recession; our ability to raise additional capital to implement our business plan; credit risks and risks from concentrations (including by typeof borrower, geographic area, collateral, and industry) within our loan portfolio; the concentration of large loans to certain borrowers (including CRE loans); the level of nonperforming assets on our balance sheet;our ability to implement organic and acquisition growth strategies; the commencement, cost, and outcome of litigation and other legal proceedings and regulatory actions against us or to which the Company maybecome subject, including with respect to pending actions relating to the Company’s previous employee stock ownership program fiduciary services commenced by government and private parties; the impact ofeconomic or market conditions on our fee-based services; our ability to continue to grow our retirement and benefit services business; our ability to continue to originate a sufficient volume of residentialmortgages; the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacksusing artificial intelligence and similar tools or as a result of insider fraud; interruptions involving our information technology and telecommunications systems or third-party servicers; potential losses incurred inconnection with mortgage loan repurchases; the composition of our executive management team and our ability to attract and retain key personnel; rapid and expensive technological changes implemented by usand other parties in the financial services industry, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequences to usand our customers, including the development and implementation of tools incorporating artificial intelligence; emerging issues related to the development and use of artificial intelligence that could give rise tolegal or regulatory action, damage our reputation, or otherwise materially harm our business or customers; increased competition in the financial services industry, including from non-banks such as credit unions,Fintech companies and digital asset service providers; our ability to successfully manage liquidity risk, including our need to access higher cost sources of funds such as fed funds purchased and short-termborrowings; the concentration of large deposits from certain clients, including those who have balances above current Federal Deposit Insurance Corporation (“FDIC”) insurance limits; the effectiveness of our riskmanagement framework; potential impairment to the goodwill the Company recorded in connection with our past acquisitions, including the acquisitions of Metro Phoenix Bank and HMN Financial, Inc. (“HMNF”);the extensive regulatory framework that applies to us; the ability of Alerus Financial, National Association (the “Bank”) to pay dividends to us and our ability to pay dividends to our stockholders; new or revisedaccounting standards, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission (the “SEC”) or the Public Company AccountingOversight Board; fluctuations in the values of the securities held in our securities portfolio, including as a result of changes in interest rates; governmental monetary, trade and fiscal policies; risks related to climatechange and the negative impact it may have on our customers and their businesses; severe weather and natural disasters, and widespread disease or pandemics; acts of war, military conflicts, or terrorism, includingthe wars in Iran and Ukraine, ongoing conflicts in the Middle East, and international military conflicts, or adverse external events and changes in foreign relations that can increase levels of political and economicunpredictability, contribute to rising energy and commodity prices, affect global supply chains, increase the volatility of financial markets, and other matters beyond our control; the availability of future equity anddebt issuances and other capital raising opportunities on favorable terms; any material weaknesses in our internal control over financial reporting; our success at managing and responding to the risks involved in theforegoing items; and any other risks described in the “Risk Factors” sections of the reports filed by Alerus Financial Corporation with the SEC.Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publiclyupdate any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.Non-GAAP Financial MeasuresThis presentation includes certain ratios and amounts that do not conform to U.S. Generally Accepted Accounting Principles, or GAAP. Management uses certain non-GAAP financial measures to evaluate financialperformance and business trends from period to period and believes that disclosure of these non-GAAP financial measures will help investors, rating agencies and analysts evaluate the financial performance andcondition of Alerus Financial Corporation. This presentation includes a reconciliation of each non-GAAP financial measure to the most comparable GAAP equivalent.MiscellaneousExcept as otherwise indicated, this presentation speaks as of the date hereof. The delivery of this presentation shall not, under any circumstances, create any implication that there has been no change in the affairsof Alerus Financial Corporation after the date hereof. Certain of the information contained herein may be derived from information provided by industry sources. We believe that such information is accurate andthat the sources from which it has been obtained are reliable. We cannot guarantee the accuracy of such information, however, and we have not independently verified such information.1
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Retirement & Benefits Revenue22.3%Wealth Advisory Revenue9.7%Banking Fees & Other Revenue8.9%Net Interest Income59.1%Adjusted Noninterest Income(1):$127.8 million40.9% of revenueCOMPANY PROFILEAlerus is a Leading Commercial Wealth Bank and a National Retirement Plan ProviderDiversified Revenue(1)Net Interest Income:$184.5 million59.1% of revenueBanking ServicesBusiness ServicesCommercial and small business offeringsTreasury management servicesCRE and SBA LendingConsumer ServicesPrivate bankingSavings, money markets, CDsMortgage servicesAssets:$ in billionsWealth Advisory ServicesRetirement and Benefit ServicesAUA / AUM(3):$ in billionsRetirement ServicesPlan administrationTrust and custodial offeringsRecord keepingBenefit ServicesHealth savings accountsFlexible spending accountsCOBRAFinancial Planning: Retirement | Tax | Estate planning Investment Management: Managed investments | BrokerageTrust and Fiduciary:Estate administration | Corporate trusteeshipAUA / AUM:$ in billions1. Excludes net losses on investment securities, net gains on sale of loans, and net losses on sale/disposal of fixed assets. See “Non-GAAP Disclosure Reconciliation.”2. Banking fees and other revenue consists of service charges on deposit accounts, mortgage income, interchange income and other noninterest income.3. Data is approximate based on the data available at the time of release. Last Twelve Months Ended September 30, 2026(1)/(2)$4.0 $3.6 $4.0 $4.6 $4.9 $5.2 202120222023202420253Q 20262$3.4 $3.8 $3.9 $5.3 $5.2 $5.4 2021 2022 2023 2024 2025 3Q 2026 $36.7 $32.1 $36.7 $40.7 $44.9 $44.9 2021 2022 2023 2024 2025 3Q 2026
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Market Distribution and Client Base(1)55,200Consumer clients(2)17,900Commercial clients(2)11,600Wealth clients5,500Employer-sponsored retirement plans330,500Employer-sponsored retirement participant accounts132,800Health and welfare benefit participant accounts25 Full-Service Banking OfficesGrand Forks, ND: 4 officesFargo, ND: 2 officesMinneapolis / St. Paul (MSA), MN: 6 officesRochester, MN: 3 officesSouthern MN, WI and IA: 8 officesPhoenix (MSA), AZ: 2 officesRetirement and Benefit ServicesRetirement plan service clients in all 50 states COMPANY FOOTPRINT AND SCALE 3 BankingWealth AdvisoryServicesRetirement and Benefit ServicesAUA / AUM(1): $44,944AUA / AUM: $5,164Loans: $4,185Deposits: $4,303 Legend:($ in millions)North Dakota Minnesota ArizonaNationalSynergistic(3)Wisconsin and Iowa1. Client base data is approximate based on the data available at the time of release and rounded to the nearest hundred.2. Includes applicable clients from our Banking, Wealth Advisory, and Retirement and Benefit segments.3. Synergistic deposits are sourced from the Retirement and Benefit Services and Wealth Advisory Services segments. Data as of 9/30/2026. 24.6%54.2%5.1%16.1%28.1%40.5%3.2%6.1%22.1%71.5%10.1%4.6%13.8%9.8%14.2%76.0%
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STRATEGIC GROWTHTo supplement our organic growth, we have executed 26 acquisitions throughout the history of our company including: 16in Banking and 10in Retirement and Benefit Services. 187920222019200920072000Began as the Bank of Grand ForksRebranded to AlerusExpanded to Minnesota MarketExpanded toArizona MarketCompleted Initial Public Offering (IPO)Acquired Metro Phoenix Bank2024Acquired HMN Financial, Inc.Deposit Balances(1)(% by Year Client Account Opened)1. Data as of 9/30/2026.2003: Acquired Pension Solutions, Inc.Transformed Alerus into a national competitor, increasing scale and growth potential2016: Acquired Alliance Benefit Group North Central States, Inc.Expanded service offerings with complementary health and welfare services and valuable HSA deposits2020: Acquired Retirement Planning Services, Inc. Expanded into the Colorado marketRetirement and Benefit Services Acquisition Highlights4 Pre-201739%2017-202126%2022-202635%
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$0.57 $0.60 $0.63 $0.70 $0.75 $0.79 $0.83 $0.22 2019 2020 2021 2022 2023 2024 2025 3Q 2026 18.89%15.09%11.95%7.14%19.50%17.35%14.47%16.98%2021 2022 2023 2024 2025 3Q 2026ALRSKRX Median (5-Yr Avg)KRX Top Quartile (5-Yr Avg)1.66%1.14%0.82%0.39%1.35%1.45%1.13%1.32%2021 2022 2023 2024 2025 3Q 2026ALRSKRX Median (5-Yr Avg)KRX Top Quartile (5-Yr Avg)COMPANY PERFORMANCE Tangible Book Value Per Common Share(3)Return on Average AssetsReturn on Average Tangible Common Equity(3) 1. Excludes net losses on investment securities (after-tax) of $19.5 million in 2023 and of $54.0 million in 2025. Represents a non-GAAP financial measure. See “Non-GAAP Disclosure Reconciliation.” 2. Source S&P Capital IQ.3. Represents a non-GAAP financial measure. See “Non-GAAP Disclosure Reconciliation.” $ per Share5 (2)(2)(2)(2)Dividends Declared Per Common Share$ per ShareIPO(1)(1)(1)(1)Alerus has a decades-long history of consistently paying quarterly dividends.$17.87 $14.37 $15.46 $14.44 $17.55 $18.74 2021 2022 2023 2024 2025 3Q 2026
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STRATEGIC INITIATIVESOur Purpose is to Help Our Clients Achieve Theirs. 6 Organic GrowthNew client acquisition, retention, and deepeningexisting relationshipsDiversified business model brings value to clients through advice and specialty solutionsLeveraging growth synergies unavailable to traditional banking organizationsStrategicAcquisitionsProven acquiror of choice: complementary business models, culture, and growth opportunities Targeting retirement and benefitservice providers, wealth management firms, and banks Employer of ChoiceRecruiting and retaining top talentwith deep industry expertiseFostering a purpose-driven culture that attracts high performersAccelerating growth in existing and new mid-market C&I banking markets and specialty niches with talent and team lift-outsProductivity and EfficiencySecure, reliable technology meeting evolving client expectationsIntegrating our full offerings through fast-followertechnology strategyStreamlining operations and automating workflows to drive scalable growth Organic GrowthStrategic AcquisitionsEmployer of ChoiceProductivity and EfficiencyOne AlerusOur Purpose Powers Our Culture.Our Core Values Put It into Action.Passion for Excellence: Act with accountability and sense of urgency to best serve clients and achieve exceptional resultsSuccess is Never Final: Embrace opportunities to adapt and grow with our industry and our clientsDo the Right Thing: Lead with integrity and provide valued adviceand guidanceOne Alerus: Work together to provide purpose-driven products and services for our clients
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OFFICERS AND DIRECTORS Dan Coughlin Since 2016Chairman, Alerus Financial Corp.Former MD & Co-Head – Fin’l Services Inv. Banking, Raymond James; Former Chairman & CEO, Howe Barnes Hoefer & ArnettJanet EstepSince 2021Former President and CEO, Nacha;Former EVP, US Bank Transaction Division;Former VP, Pace Analytical ServicesRandy NewmanSince 1988Former President and CEO, AlerusGalen VetterSince 2013Former Global CFO, Franklin Templeton Investments; Former Partner-in-Charge, Upper Midwest Region, RSMExecutive ManagementBoard of DirectorsKatie O’Neill LorensonDirector, President andChief Executive Officer9 years with AlerusAl VillalonExecutive Vice President andChief Financial Officer4 years with AlerusJim CollinsExecutive Vice President andChief Banking and Revenue Officer4 years with AlerusKarin TaylorExecutive Vice President andChief Operating Officer8 years with AlerusMissy KeneyExecutive Vice President andChief Engagement Officer21 years with Alerus Forrest WilsonExecutive Vice President andChief Retirement Services Officer2 years with Alerus Nikki SorumSince 2023Former Head of Sales and Distribution, Thrivent;Former SVP, Private Client Group, RBC Wealth Management Former Partner, McKinsey & CompanyFormer Partner, McKinsey & CompanyJohn UribeSince 2023Chief Financial OfficerBlue Cross and Blue Shield of Minnesota Jeffrey BoltonSince 2024Former Chief Administrative Officer and Chief Financial Officer, Mayo Clinic Mary ZimmerSince 2021Former Director of Diverse Client Segments and Former Northern Regional President, Wells Fargo Advisors;Former Head of Intl. Wealth USA, Royal Bank of Canada U.S. Wealth Mgmt. 7
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Third Quarter HighlightsOffice in Minnetonka, Minnesota
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3Q 2026 HIGHLIGHTSDiversified ReturnsNet interest income was $46.7 million, and net interest margin (on a tax-equivalent basis)(1) was 3.84% in the third quarter of 2026. Noninterest income was $34.4 million in the third quarter of 2026, an increase of 4.3% from the second quarter of 2026.Noninterest income represented 42.4% of total revenue in the third quarter of 2026, an increase of 152 basis points from the second quarter of 2026.Robust Balance Sheet GrowthTotal loans were $4.2 billion as of September 30, 2026, an increase of $150.5 million, or 3.7%, from June 30, 2026.Total deposits were $4.3 billion as of September 30, 2026, an increase of $111.2 million, or 2.7% from June 30, 2026.Favorable Credit Quality and Robust CapitalNet recoveries to average loans(1) of 0.10% during the third quarter.Tangible common equity to tangible assets(1)was 8.77% at September 30, 2026.Value CreationRepurchased $8.2 million of the Company's outstanding common stock, reducing common shares outstanding by 250,000 shares at quarter-end.Dividends of $0.22 per share, or $5.4 million of stockholders’ equity, in the third quarter of 2026.In the first nine months of 2026, the Company has returned $37.2 million to shareholders in the form of dividends and share repurchases. Success is Never Final 1. Represents a non-GAAP financial measure. See “Non-GAAP Disclosure Reconciliation.”2. Capital ratios for the current quarter are to be considered preliminary until the Call Report for Alerus Financial, N.A. is filed.Diluted EPS:$0.76$0.71 Adjusted(1) ROTCE(1):17.35%16.43% Adjusted(1)Loans:$4.2 billion+$0.2 billion vs. 2Q 2026Deposits:$4.3 billion+$0.1 billion vs. 2Q 2026CET1(2):10.5%Well above bankregulatory requirementsTBV Per Share(1):$18.74+$0.01 vs. 2Q 2026 ROAA:1.45%1.37% Adjusted(1)ACL to Total Loans:1.23%+3 bps vs. 2Q 20269
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$0.66 $0.85 $0.89 $0.80 $0.71 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 202618.55%21.05%21.96%19.04%16.43%3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 12.86%15.39%16.53%14.32%12.32%3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 20261.28%1.62%1.79%1.58%1.37%3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026KEY RETURN METRICS 1. Represents a non-GAAP financial measure. See “Non-GAAP Disclosure Reconciliation.” Adjusted Return on Average Assets(1)Adjusted Return on Average Equity(1)Adjusted Return on Average TCE(1)Adjusted Diluted EPS(1)1.45%1.60%1.79%(2.50)%1.27%Reported:13.07%14.56%16.44%(23.75)%12.80%Reported:17.35%19.33%21.85%(28.15)%18.48%Reported(1): $0.76$0.81$0.89$(1.27)$0.65Reported:10
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$29,465 $31,899 $30,868 $32,292 $32,796 40.6%41.4%40.7%40.4%41.2%3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026AdjustedNoninterestIncomeas aPercent ofAdjustedRevenue$22,121 $25,292 $25,521 $27,343 $25,810 1.66%1.91%1.98%2.10%1.95%3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026Adjusted PPNRas a % of Average Assets$50,480 $51,781 $50,259 $52,661 $53,709 65.2%63.6%63.2%62.8%64.4%3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026AdjustedNoninterestExpenseAdjustedEfficiencyRatio $43,136 $45,174 $44,912 $47,712 $46,723 3.50%3.69%3.77%3.97%3.84%3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026Net Interest IncomeNIMKEY INCOME STATEMENT ITEMS 1. Represents a non-GAAP financial measure. See “Non-GAAP Disclosure Reconciliation.”2. Tax-equivalent net interest margin. Adjusted Noninterest Income(1)& as a % of Adjusted Revenue(1)Adjusted Noninterest Expense(1) & Adjusted Efficiency Ratio(1)$34,350$32,945$30,847$(36,949)$29,430Reported Noninterest Income:$53,868$52,883$50,392$51,881$50,541Reported Noninterest Expense:63.4%62.5%63.4%557.5%65.3%Reported Efficiency Ratio(1): $ in thousands$ in thousands(1)(1) (1)(1)Net Interest Income & Net Interest Margin(1)/(2)Adjusted PPNR(1)& as a % of Total Average Assets(1)$ in thousands$ in thousands(1)(1)11 (1)
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$791,776 $770,424 $771,414 $777,323 $783,501 2.64%2.45%3.84%3.86%3.91%9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026Total Investment SecuritiesQuarterly Average Investment Yield$937,788 $978,196 $973,286 $949,094 $949,800 21.3%23.3%22.4%22.6%22.1%9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026Synergistic Depositsas a % of Total Deposits$4,412,653 $4,192,003 $4,347,882 $4,191,897 $4,303,177 2.20%2.03%1.82% 1.82%1.84%9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026TotalDepositsQuarterlyAverageDepositCost $4,102,076 $4,048,022 $4,034,744 $4,034,244 $4,184,760 6.31%6.35%5.94%6.24%6.10%9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026TotalLoansQuarterlyAverageLoanYieldKEY BALANCE SHEET ITEMSLoans & Quarterly Average YieldDeposits & Quarterly Average CostInvestment Securities & Quarterly Average YieldSynergistic Deposits(1)$ in thousands$ in thousands$ in thousands97.2%96.2%92.8%96.6%93.0%Loan to deposit ratio:$ in thousands121. Synergistic deposits are sourced from the Retirement and Benefit Services and Wealth Advisory Services segments.(1)
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Third Quarter DetailsOffice in Fargo, North Dakota
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3Q 2026 RESULTS 1. Represents a non-GAAP financial measure. See “Non-GAAP Disclosure Reconciliation.” Income Statement 14 ($ in thousands, except per share data)3Q 2025 2Q 2026 3Q 2026Income StatementNet Interest Income 43,136$ 47,712$ 46,723$ Provision for (Recovery of) Credit Losses — 495 2,199 Net Interest Income After Provision for Credit Losses 43,136 47,217 44,524 Noninterest Income 29,430 32,945 34,350 Noninterest Expense 50,541 52,883 53,868 Income Before Income Tax Expense 22,025 27,279 25,006 Income Tax Expense 5,101 6,414 5,806 Net Income16,924$ 20,865$ 19,200$ Adjusted Net Income(1)17,000 20,524 18,098 Pre-Provision Net Revenue(1)22,025$ 27,774$ 27,205$ Adjusted Pre-Provision Net Revenue(1)22,121 27,343 25,810 Per Common Share DataEarnings Per Common Share - Diluted 0.65$ 0.81$ 0.76$ Adjusted Earnings Per Common Share - Diluted(1)0.66 0.80 0.71 Diluted Average Common Shares Outstanding 25,713 25,395 25,161 Quarterly
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3Q 2026 RESULTS 1. Represents a non-GAAP financial measure. See “Non-GAAP Disclosure Reconciliation.”2. Capital ratios for the current quarter are to be considered preliminary until the Call Report for Alerus Financial, N.A. is filed.3. Data is approximate based on the data available at the time of release. Balance Sheet, Capital, Credit Quality & Other 15 ($ in thousands)3Q 2025 2Q 2026 3Q 2026Balance SheetTotal Assets5,330,573$ 5,288,718$ 5,403,103$ Total Loans4,102,076 4,034,244 4,184,760 Total Deposits4,412,653 4,191,897 4,303,177 Tangible Common Equity(1)429,301 468,087 463,768 Capital RatiosCommon Equity Tier 1 Capital Ratio (%)(2)10.84 %10.81 %10.52 %Tang. Cmn. Equity/Tang. Assets (%)(1)8.24 %9.05 %8.77 %Loans/Deposits (%)92.96 %96.24 %97.25 %Credit Quality RatiosNPLs/Loans (%)1.45 %0.19 %0.17 %NPAs/Assets (%)1.13 % 0.32 % 0.30 %Criticized Loans/Loans (%)4.66 % 2.06 % 1.96 %Allowance/NPLs (%)104.16 % 641.31 % 742.40 %Allowance/Loans (%)1.51 %1.20 %1.23 %NCOs/Average Loans (%)(1)(0.17) %0.26 %(0.10) %Other DataRetirement and Benefit Services AUA/AUM(3)44,005,277$ 45,163,767$ 44,944,011$ Wealth Advisory Services AUA/AUM4,812,250 5,195,511 5,163,688 Mortgage Originations142,768 113,450 126,728 Quarterly
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$4,034 $375 $70 $3 $1 $(4)$(56)$(238)$4,185 2Q26TotalOriginationsAdvancesPAANetRecoveriesRevolvingLOCs, (Net)Amortized Payments /OtherPayoffs3Q26Total0.2%1,411 0.1%501 0.1%818 32.7%259,351 31.2%242,631 29.8%233,099 67.1%531,014 68.7%534,191 70.1%549,584 $791,776 $777,323 $783,501 9/30/2025 6/30/2026 9/30/2026AFSHTMTrading Securities EARNING ASSETS Total loans increased $150.5 million, or 3.7%, from June 30, 2026.The quarter-over-quarter increase was driven by a $160.9 million increase in commercial loans, partially offset by a $10.4 million decrease in consumer loans.Total investor commercial real estate and residential real estate construction loans to total Bank risk-based capital(3) was 253% as of September 30, 2026.The investment portfolio increased $6.2 million, or 0.8%, from June 30, 2026, as paydowns and maturities were replaced with the purchase of new investments.Quarterly Highlights3Q 2026 Loan Portfolio(1)ChangesInvestment PortfolioSeptember 30, 2026 Loan Portfolio(1) 3.91%3.86%2.64%Average Period Yield15.5%15.7%15.9%% of Earning Assets:$(17,474)$(4,979)$(54,338)AOCI:$ in thousands1. Additional loan portfolio breakdown available in the Appendix. 2. Purchase accounting accretion (“PAA”) from acquired loans.3. Bank total risk-based capital was $537 million as of September 30, 2026. Capital ratios for the current quarter are to be considered preliminary until the Call Report for Alerus Financial, N.A. is filed. $ in millions 16 (2)Commercial and industrial, 20.6%CRE - Owner occupied, 16.4%CRE - Construction, landand development, 2.1%CRE - Multifamily, 7.9%CRE - Non-owner occupied, 21.7%Agriculture, 2.6%Residential real estate, 27.6%Other consumer, 1.1%
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Synergistic22.1%Commercial 37.3%Consumer35.1%Public5.5%Noninterest-bearing, 18.9%Interest-bearingdemand, 28.1%Money marketand savings, 34.3%Time deposits, 13.5%HSA deposits, 5.2%DEPOSIT CHARACTERISTICS Total deposits increased $111.2 million, or 2.7%, from June 30, 2026.The quarter-over-quarter increase in total deposits was primarily driven by growth in commercial deposits.Noninterest bearing deposits grew $53.9 million, or 7.1%, from June 30, 2026.The loan to deposits ratio was 97.2% as of September 30, 2026, an increase from 96.2% at June 30, 2026.Quarterly Highlights September 30, 2026 Deposit Portfolio (by Category) September 30, 2026 Deposit Portfolio (by Client Segment)Synergistic deposits(1)grew 1.3%from September 30, 20251. Synergistic deposits are sourced from the Retirement and Benefit Services and Wealth Advisory Services segments. 3Q 2026 Deposit Portfolio Changes$ in millions 17(1)$4,192 $54 $51 $6 $2 $(2)$4,303 2Q26TotalNoninterest-bearingMoney marketand savingsTimedepositsHSAdepositsInterest-bearingdemand3Q26Total
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3.50%3.97%3.84%3Q 2025 2Q 2026 3Q 2026Net Interest MarginNET INTEREST INCOME$ in thousands3.84%(0.12)%(0.02)%(0.01)%0.02%0.00%3.97%NIM:Quarterly HighlightsYields and Rates NII and NIM(1)Walk 1. Net Interest Margin (on a tax-equivalent basis). Represents a non-GAAP financial measure. See “Non-GAAP Disclosure Reconciliation.”Yields and rates have been annualized.Net interest income for the third quarter of 2026 was $46.7 million, a $1.0 million, or 2.1%, decrease from the second quarter of 2026.The decrease was primarily due to lower interest income on loans from a one-time $1.6 million interest income recovery on a nonaccrual loan resolution in the second quarter, less purchase accounting accretion, and higher interest expense, as average rates paid on deposits and borrowings increased slightly, mainly driven by the recent increase by the Federal Reserve in the federal funds benchmark rate. These factors were partially offset by higher loan and investment yields.Net interest margin (on a tax-equivalent basis)(1)decreased 13 bps to 3.84%, from 3.97% for the second quarter of 2026.The decrease was mainly attributable to a one-time $1.6 million interest income recovery on a nonaccrual loan resolution in the second quarter and less purchase accounting accretion, partially offset by higher loan and investment yields. Net interest margin (on a tax-equivalent basis)(1)was impacted by28 bps of purchase accounting accretion in the third quarter of 2026. (1)(1)2.64%3.86%3.91%6.31%6.24%6.10%5.70%5.85%5.73%3Q 2025 2Q 2026 3Q 2026Earning AssetsInvestmentSecurities YieldLoan YieldTotal Earning AssetYield2.20%1.82%1.84%2.69%2.24%2.26%2.34%2.02%2.05%3Q 2025 2Q 2026 3Q 2026Cost of FundsCost ofTotal DepositsCost of InterestBearing DepositsTotal Costof Funds18 $47,712$508$281$(45)$(254)$(1,479)$46,7232Q 2026Accrual DaysAsset Volume/MixLiability Volume/MixLiability RateAsset Rate& PAA3Q 2026
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55.9%$16,49653.7%$17,34753.9%$17,66422.3%$6,56023.9%$7,70524.4%$8,00121.8%$6,40922.4%$7,24021.7%$7,131$29,465$32,292$32,7963Q 2025 2Q 2026 3Q 2026AdjustedBankingFees &OtherWealthAdvisoryServicesRetirement& BenefitServices NONINTEREST INCOME Wealth Advisory Services revenue increased $1.4 million, or 22.0%, from the third quarter of 2025, driven by an increase in both asset-based fees and transaction-based fees.Retirement and Benefit Services revenue increased $1.2 million, or 7.1%, compared to the third quarter of 2025, primarily driven by recurring annual income.Adjusted banking fees & other income(1)increased $0.7 million, or 11.3%, from the third quarter of 2025, primarily driven by increases in swap fee income and deposit service charges, partially offset by a decrease in mortgage banking revenue driven by lower mortgage originations and gain on sale margins. $ in thousandsYear-Over-Year HighlightsQuarterly HighlightsRetirement and Benefit Services revenue increased $0.3 million, or 1.8%, from the second quarter of 2026, primarily driven by an increase in recurring annual income.Wealth Advisory Services revenue increased $0.3 million, or 3.8%, from the second quarter of 2026, primarily driven by an increase in transaction-based fees and a slight increase in asset-based revenues.Adjusted banking fees & other income(1)decreased $0.1 million, or 1.5%, from the second quarter of 2026, primarily driven by a decrease in mutual fund investment gains related to the underlying assets of the deferred compensation plans; swap fee income also decreased on the quarter. These decreases were partially offset by an increase in mortgage banking revenue driven by higher mortgage originations and gain on sale margins.Adjusted Noninterest Income(1):+1.6% Linked quarter+11.3% Year-over-year1. Excludes net losses on investment securities, net gains on sale of loans, and net gains/losses on sale/disposal of fixed assets. See “Non-GAAP Disclosure Reconciliation.”$34,350$32,945$29,430Reported: Adjusted Noninterest Income(1)(1)Adjusted Noninterest Income(1)Represents over 40%of Adjusted Revenue(1) 19
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$116 $103 $116 $27 $10 $11 $143 $113 $127 3Q 2025 2Q 2026 3Q 2026PortfolioSale$3,474 $3,195 $3,328 $703 $1,106 $1,221 $878 $806 $849 $1,354 $2,133 $1,733 $(35)$653 $1,554 $6,374 $7,893 $8,685 3Q 2025 2Q 2026 3Q 2026One-timeItemsOtherDebit CardInterchangeServiceChargesMortgageBANKING SERVICES Banking services noninterest income increased $0.8 million, or 10.0%, from the second quarter of 2026.Mortgage revenue for the third quarter of 2026 increased $0.1 million, or 4.2%, from the second quarter of 2026. The increase was primarily driven by higher mortgage originations and gain on sale margins.Other income for the third quarter of 2026 decreased $0.4 million, or 18.8%, from the second quarter of 2026, primarily driven by lower mutual fund investment gains related to the underlying assets of the deferred compensation plans; swap fee income also decreased in the quarter.Quarterly HighlightsDivisional(1)Income StatementNoninterest Income(2)/(3)BreakdownMortgage Origination Highlights$ in millions$ in thousands 90.3%86.3%86.8%Purchase:9.7%13.7%13.2%Refinance:1. Includes corporate administration income. 2. Banking noninterest income consists of service charges on deposit accounts, mortgage income, interchange income and other noninterest income. 3. Excludes non-personnel HMNF acquisition-related expenses.4. One-time items include net gains on the sale/disposal of premises and equipment of $1.6 million in 3Q 2026 and of $653 thousand in 2Q 2026, and net losses on sale of loans of $(35) thousand in 3Q 2025. (4) 20 ($ in thousands)3Q 2025 2Q 2026 3Q 2026Net interest income 43,136$ 47,712$ 46,723$ Provision for (recovery of) credit losses - 495 2,199 Noninterest income(2)6,374 7,893 8,685 Total revenue 49,510 55,110 53,209 Noninterest expense(3)28,697 28,257 29,854 Net income before taxes: 20,813$ 26,853$ 23,355$ Quarterly
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$195,617$233,082$280,891$296,046$302,367$166,171$176,729$190,270$203,404$221,769$167,796$188,349$211,988$226,168$217,442$529,584$598,160$683,149$725,618$741,5782022 2023 2024 2025 3Q 2026Money MarketHSAOther $32,123$36,682$40,729$44,925$44,944384,800 397,000 411,600 406,700 330,500 133,000 134,700 144,700 145,900 132,800 2022 2023 2024 2025 3Q 2026AUA/AUMRetirementParticipantAccountsH&W BenefitParticipantAccountsRETIREMENT AND BENEFIT SERVICES Retirement and Benefit Services revenue increased $0.3 million, or 1.8%, from the second quarter of 2026, primarily driven by an increase in recurring annual income.AUA / AUM were stable from June 30, 2026.63% of Retirement and Benefit Services revenue is tied to plans, participants, and activity. 37% of revenue is market sensitive.55% of Retirement and Benefit Services synergistic deposits(4)are indexed.HSA synergistic deposits(4)have increased 9.0% from December 31, 2025, and had an average cost of funds of 10 bps in the third quarter of 2026.Quarterly HighlightsDivisional(1)Income StatementAUA / AUM(2)and Participant Accounts(2)Synergistic Deposits(4)$ in millions$ in thousands1. Excludes funds transfer pricing credit on synergistic deposits.2. Data is approximate based on the data available at the time of release and rounded to the nearest hundred.3. Refers to health and welfare benefit participant accounts.4. Synergistic deposits include deposits sourced from the Retirement and Benefit Services segment.21 5,5008,8008,6008,3008,100Number ofRetirement Plans(2):(3)($ in thousands)3Q 2025 2Q 2026 3Q 2026Recurring annual income 14,683$ 15,135$ 15,566$ Transactional income 1,813 2,212 2,098 Total noninterest income 16,496 17,347 17,664 Noninterest expense 13,394 15,077 15,019 Net income before taxes: 3,102$ 2,270$ 2,645$ Quarterly
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$161,973$253,384$290,411$252,578$208,2222022 2023 2024 2025 3Q 2026 $3,583$4,019$4,579$4,851$5,1642022 2023 2024 2025 3Q 2026WEALTH ADVISORY SERVICES Wealth Advisory Services revenue increased $0.3 million, or 3.8%, from the second quarter of 2026, primarily driven by an increase in transaction-based fees and a slight increase in asset-based revenues.AUA / AUM increased 7.3% from September 30, 2025.Wealth Advisory Services synergistic deposits(2)represented 4.8% of total deposits as of September 30, 2026.99% of Wealth Advisory Services synergistic deposits(2)are indexed.Quarterly HighlightsDivisional(1)Income StatementAUA / AUMSynergistic Deposits(2)$ in millions$ in thousands1. Excludes funds transfer pricing credit on synergistic deposits.2. Synergistic deposits include deposits sourced from the Wealth Advisory Services segment.22 ($ in thousands)3Q 2025 2Q 2026 3Q 2026Asset management 5,698$ 6,831$ 6,885$ Brokerage 372 410 622 Insurance and other 490 464 494 Total noninterest income 6,560 7,705 8,001 Noninterest expense 5,883 6,374 6,162 Net income before taxes: 677$ 1,331$ 1,839$ Quarterly
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$30,974$32,694$33,329$2,849$3,493$3,525$6,285$5,440$5,457$2,719$3,775$3,781$7,653$7,259$7,617$50,480$52,661$53,7093Q 2025 2Q 2026 3Q 2026 NONINTEREST EXPENSE Compensation and benefits expenses increased $2.4 million, or 7.6%, from the third quarter of 2025, primarily due to annual merit increases and an increase in employees, as well as an increase in self-funded group insurance costs.Professional fees and assessments increased $1.1 million, or 39.1%, from the third quarter of 2025, primarily due to the reclassification of consulting services and other third-party vendor expenses from business services, software, and technology expense to professional fees and assessments.Occupancy and equipment expenses increased $0.7 million, or 23.7%, from the third quarter of 2025, primarily driven by facility investments and the strategic realignment of locations from owned to leased space.Year-Over-Year HighlightsQuarterly HighlightsCompensation and benefits expenses increased $0.6 million, or 1.9%, from the second quarter of 2026, primarily due to an increase in benefits expenses related to self-funded group insurance costs.Other expenses increased $0.4 million, or 4.9%, from the second quarter of 2026, primarily due to an increase in marketing and business development expense related to seasonal advertising campaigns.Occupancy and equipment, business services, software and technology, along with professional fees and assessment expenses, all remained relatively stable quarter-over-quarter.$ in thousandsCompensation and BenefitsProfessional Feesand AssessmentsOther(2)Occupancy andEquipmentBusiness Services,Software and TechnologyAdjusted Noninterest Expense(1):+2.0% Linked quarter+6.4% Year-over-year$53,868$52,883$50,541Reported: Adjusted Noninterest Expense(1) 1. Excludes HMNF acquisition-related expenses and severance and signing bonus expenses. See “Total adjusted noninterest expense items” in the “Non-GAAP Disclosure Reconciliation.”2. Consists of intangible amortization, marketing and business development, supplies and postage, travel, mortgage and lending, and other noninterest expense.23
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1.27%1.30%1.50%1.53%1.23%821%410%95%90%742%2022 2023 2024 2025 3Q 2026Reserves/LoansReserves/NPLsASSET QUALITY AND RESERVE LEVELS Net recoveries of $1.0 million in the third quarter of 2026 resulted in net recoveries to average loans(1)of 10 bps. The quarter-over-quarter decrease in net charge-offs (recoveries) was primarily due to a $1.1 million recovery related to one long-term commercial and industrial client relationship on nonaccrual which was charged-off in the second quarter of 2026. As of September 30, 2026, the relationship had a remaining reserve of $0.9 million, which represented approximately 60.6% of the book balance as of that date.Reserves to total loans ratio was 1.23% on September 30, 2026, an increase of 3 bps from June 30, 2026.Total nonperforming assets were $16.4 million as of September 30, 2026, a decrease of $0.7 million from June 30, 2026. Recorded a provision for credit losses of $2.2 million for the third quarter of 2026.Highlights(0.10)%0.05%0.13%(0.04)%0.02%NCO/Avg Loans(1)NPAs / Assets %Reserves / Loans & Reserves / NPLs (%)Criticized Loans$ in thousands$ in thousands241. Represents a non-GAAP financial measure. See “Non-GAAP Disclosure Reconciliation.” 0.10%0.22%1.20%1.33%0.30%2022 2023 2024 2025 3Q 2026$35,285$61,563$198,281$149,162$81,8301.44%2.23%4.97%3.68%1.96%2022 2023 2024 2025 3Q 2026Criticized LoansCriticized Loans to Total Loans Nonaccrual loans$3,794 $8,596 $54,433 $69,065 $6,909Accruing loans90+ days past due- 139 8,453 - 21 Total NPLs $3,794 $8,735 $62,886 $69,065 $6,930
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$14.37 $15.46 $14.44 $17.55 $18.74 $17.85 $18.71 $19.55 $22.24 $23.31 2022 2023 2024 2025 3Q 2026TBV per ShareBV per Share11.3%10.6%8.7%8.9%9.6%13.7%12.1%10.1%10.5%10.7%2022 2023 2024 2025 3Q 2026Tier 1 LeverageTier 1 Capital 16.5%14.8%12.5%12.9%13.0%2022 2023 2024 2025 3Q 202613.4%11.8%9.9%10.3%10.5%2022 2023 2024 2025 3Q 2026CAPITAL AND SOURCES OF LIQUIDITY LiquidityCapital Ratios(1) Tier 1 Capital & Tier 1 LeverageTotal Risk Based Capital8%Regulatory Capital Minimum to be considered adequately capitalized.6%4%Tier 1CapitalLeverage1. Capital ratios for the current quarter are to be considered preliminary until the Call Report for Alerus Financial, N.A. is filed.2. Represents a non-GAAP financial measure. See “Non-GAAP Disclosure Reconciliation.”3. Excludes unencumbered HTM securities with a market value of $150.1 million.4. The Company had no brokered deposits as of September 30, 2026. Tangible Book Value(2)& Book ValueCET1$ per share4.5% 25 $ in thousandsTotal assets 5,403,103$ Cash and cash equivalents 65,756 Unencumbered securities AFS 337,564 Overcollateralized securities pledging positions - AFS 18,595 Total On Balance Sheet Liquidity(3)421,915 FHLB borrowing capacity 995,140 FRB Discount Window Capacity 290,958 Fed funds lines 145,000 Brokered CD capacity(4)1,080,621 Total Off Balance Sheet Liquidity 2,511,719 Total Liquidity as of September 30, 2026 2,933,634$ Total Liquidity (Ex-brokered CD Capacity) 1,853,013$
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LoansEnd of period$4.0bUp mid-single digitsDepositsEnd of periodNIM(2)/(3)Adjusted NoninterestIncome(3)$4.2bUp low-single digits3.53%3.75 - 3.85%Up mid-single digits $119m $291mAdjusted Revenue(3)Up mid-single digitsAdjustedNoninterest Expense(3)$200mUp low-to-mid single digits 12/31/202512/31/20252025202520252025Adjusted ROA(3)1.35%>1.25%2025 OUTLOOKComparisonFY 2026 Guidance(1) 1. The guidance, as shown, uses the assumption that the Federal funds rate remains static as of 9/30/2026 through 12/31/2026.2. Tax-equivalent net interest margin.3. Represents a non-GAAP financial measure. See “Non-GAAP Disclosure Reconciliation.” Full Year 26
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KEY TAKEAWAYSAnother Quarter Demonstrating Top-Tier ReturnsEARNINGSBALANCESHEETASSET & CAPITALSTRENGTHVALUE CREATION Strong net interest income and noninterest income, as we continue to deliver balanced results.Core loan and deposit relationship growth continues to bolster our diverse banking franchise.Our disciplined focus on credit quality and our robust capital levels allows us to have a strong foundation to grow. We remain committed to continued execution to deliver top-tier performance.27
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AppendixOffice in Grand Forks, North Dakota
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DIVISIONAL INCOME STATEMENT 1. Banking noninterest income (loss) consists of service charges on deposit accounts, mortgage income, interchange income and other noninterest income.29 ($ dollars in thousands)Banking Services Retirement and Benefit Services WealthAdvisory Services CorporateAdministration ConsolidatedNet interest income 47,768$ -$ -$ (1,045)$ 46,723$ Provision for (recovery of) credit losses 2,199 - - - 2,199 Noninterest income (loss)(1)7,164 17,664 8,001 1,521 34,350 Noninterest expense 29,854 15,019 6,162 2,833 53,868 Net income (loss) before taxes 22,879$ 2,645$ 1,839$ (2,357)$ 25,006$ Banking Services Retirement and Benefit Services WealthAdvisory Services CorporateAdministration ConsolidatedNet interest income 48,753$ -$ -$ (1,041)$ 47,712$ Provision for (recovery of) credit losses 495 - - - 495 Noninterest income (loss)(1)7,039 17,347 7,705 854 32,945 Noninterest expense 28,257 15,077 6,374 3,175 52,883 Net income (loss) before taxes 27,040$ 2,270$ 1,331$ (3,362)$ 27,279$ Banking Services Retirement and Benefit Services WealthAdvisory Services CorporateAdministration ConsolidatedNet interest income 43,788$ -$ -$ (652)$ 43,136$ Provision for (recovery of) credit losses - - - - - Noninterest income (loss)(1)6,216 16,496 6,560 158 29,430 Noninterest expense 28,697 13,394 5,883 2,567 50,541 Net income (loss) before taxes 21,307$ 3,102$ 677$ (3,061)$ 22,025$ Quarter ended September 30, 2026 Quarter ended September 30, 2025Quarter ended June 30, 2026
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LOAN PORTFOLIO BREAKDOWN 30 ($ in thousands)BalancePercent of PortfolioBalancePercent of PortfolioBalancePercent of PortfolioCommercial and business lending: General business 290,008$ 7.2% 376,716$ 9.3% 420,873$ 10.1%Services 237,966 5.9% 200,109 5.0% 234,004 5.6%Retail trade 101,374 2.5% 72,351 1.8% 101,076 2.4%Manufacturing 107,485 2.7% 110,783 2.7% 105,182 2.5%CRE - Owner Occupied 427,260 10.6% 622,241 15.4% 690,988 16.4%Total commercial and business lending 1,164,093 28.9% 1,382,200 34.2% 1,552,123 37.0%Investor commercial real estate: Construction, land and development 246,238 6.1% 79,850 2.0% 87,615 2.1%Multifamily 383,505 9.5% 361,875 9.0% 332,535 7.9%Non-owner occupiedOffice 142,095 3.5% 127,943 3.2% 122,866 2.9%Industrial 193,041 4.8% 199,353 4.9% 234,877 5.6%Retail 116,735 2.9% 108,160 2.7% 111,524 2.7%Hotel 110,022 2.7% 83,440 2.1% 82,902 2.0%Medical Office 174,891 4.3% 193,737 4.8% 183,189 4.4%Medical or nursing facility 85,918 2.1% 105,371 2.6% 98,622 2.4%Other commercial real estate 53,160 1.3% 75,363 1.9% 71,190 1.7%Total non-owner occupied 875,862 21.6% 893,367 22.2% 905,170 21.7%Total investor commercial real estate 1,505,605 37.2% 1,335,092 33.2% 1,325,320 31.7%Agricultural: Land 64,799 1.6% 54,202 1.3% 53,725 1.3%Production 62,500 1.5% 53,367 1.3% 54,597 1.3%Total agricultural 127,299 3.1% 107,569 2.6% 108,322 2.6%Consumer Residential real estate first lien 874,737 21.6% 828,936 20.5% 809,835 19.3%Residential real estate construction 33,703 0.8% 31,202 0.8% 32,620 0.8%Residential real estate HELOC 260,883 6.4% 273,124 6.8% 280,771 6.7%Residential real estate junior lien 36,844 0.9% 31,941 0.8% 31,566 0.8%Other Consumer 44,858 1.1% 44,180 1.1% 44,203 1.1%Total consumer 1,251,025 30.8% 1,209,383 30.0% 1,198,995 28.7%Total loans 4,048,022$ 100.0% 4,034,244$ 100.0% 4,184,760$ 100.0% September 30, 2026June 30, 2026December 31, 2025
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0%10%20%30%40%50%60%$0$100,000$200,000$300,000$400,000$500,000$600,000$700,0002022 2023 2024 2025 3Q20254Q20251Q20262Q20263Q2026Home Equity Lines of CreditFundedUnfundedFunded % 0%10%20%30%40%50%60%$0$100,000$200,000$300,000$400,000$500,000$600,0002022 2023 2024 2025 3Q20254Q20251Q20262Q20263Q2026C&IFundedUnfundedFunded %LINE OF CREDIT UTILIZATION Commercial and industrial loans includes revolving C&I loans and other loans. It excludes non-revolving C&I loans, and ag production. $ in thousands$ in thousands31
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ALLOWANCE FOR CREDIT LOSSES ON LOANS 32 Changes in the ACL for Loans by Portfolio Segment 1. The difference in the credit loss expense reported herein compared to the consolidated statements of income is associated with the credit loss expense of $134 thousand related to off-balance sheet credit exposure and $(4) thousand related to held-to-maturity investment securities. Provision for(Recovery of)Credit Losses(1)($ in thousands)CommercialCommercial and business lendingCommercial and industrial$10,477 $987 $(131) $1,265 $12,598 CRE - Owner occupied 5,887 780 — 11 6,678 Total commercial and business lending 16,364 1,767 (131) 1,276 19,276 Investor commercial real estateConstruction, land and development 2,979 (139) — — 2,840 Multifamily 3,918 (144) (93) — 3,681 Non-owner occupied 10,580 (1,399) — — 9,181 Total investor commercial real estate 17,477 (1,682) (93) — 15,702 AgriculturalLand 883 (57) — — 826 Production 567 (46) — 30 551 Total Agriculture 1,450 (103) — 30 1,377 Total commercial 35,291 (18) (224) 1,306 36,355 ConsumerResidential real estateFirst lien 9,366 1,329 — — 10,695 Construction 366 40 — — 406 HELOC 2,332 555 (71) — 2,816 Junior lien 397 89 — 2 488 Total residential real estate 12,461 2,013 (71) 2 14,405 Other consumer 609 74 (22) 27 688 Total Consumer 13,070 2,087 (93) 29 15,093 Total$48,361 $2,069 $(317) $1,335 $51,448 BalanceThree months ended September 30, 2026Charge-offs RecoveriesBalanceBeginningLoanLoanEnding
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ALLOWANCE FOR CREDIT LOSSES ON LOANSAllocation by Loan Portfolio Segment 33 ($ in thousands)Commercial and industrial$16,216 2.20% $12,598 1.46% CRE - Owner occupied 3,097 0.72% 6,678 0.97% CRE - Construction, land and development 13,210 5.36% 2,840 3.24% CRE - Multifamily 4,380 1.14% 3,681 1.11% CRE - Non-owner occupied 11,006 1.26% 9,181 1.01% Agricultural - Land 959 1.48% 826 1.54% Agricultural - Production 623 1.00% 551 1.01% Residential real estate first lien 9,358 1.07% 10,695 1.32% Residential real estate construction 274 0.81% 406 1.24% Residential real estate HELOC 1,787 0.68% 2,816 1.00% Residential real estate junior lien 395 1.07% 488 1.55% Other Consumer 610 1.36% 688 1.56% Total loans$61,915 1.53% $51,448 1.23% Allowance to segment loansSeptember 30, 2026Allocatedsegment allowanceAllowance to segment loansPercentage ofDecember 31, 2025Percentage ofAllocatedsegment allowance
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FINANCIAL HIGHLIGHTS 1. Represents a non-GAAP financial measure. See “Non-GAAP Disclosure Reconciliation.”2. Data is approximate based on the data available at the time of release.3. Capital ratios for the current quarter are to be considered preliminary until the Call Report for Alerus Financial, N.A. is filed.34 ($ in thousands, except where otherwise noted)3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026Total Assets 5,330,573$ 5,230,084$ 5,287,971$ 5,288,718$ 5,403,103$ Total Loans 4,102,076 4,048,022 4,034,744 4,034,244 4,184,760 Total Deposits 4,412,653 4,192,003 4,347,882 4,191,897 4,303,177 Tangible Common Equity(1)429,301 445,929 457,662 468,087 463,768 Retirement and Benefit Services AUA/AUM(2)44,005,277$ 44,925,311$ 42,273,839$ 45,163,767$ 44,944,011$ Wealth Advisory Services AUA/AUM 4,812,250 4,850,600 4,792,609 5,195,511 5,163,688 Mortgage Originations 142,768 136,780 94,434 113,450 126,728 Net Income (Loss) 16,924$ (33,050)$ 22,971$ 20,865$ 19,200$ ROAA (%) 1.27 (2.50) 1.79 1.60 1.45 ROATCE(%)(1)18.48 (28.15) 21.85 19.33 17.35 Net Interest Margin (FTE) (%)(1)3.50 3.69 3.77 3.97 3.84 Efficiency Ratio (FTE) (%)(1)65.34 557.48 63.39 62.53 63.41 Non-Int. Income (Loss)/Op. Rev. (%) 40.56 (449.23) 40.72 40.85 42.37 Earnings (loss) per common share - diluted 0.65$ (1.27)$ 0.89$ 0.81$ 0.76$ Common Equity Tier 1 Capital Ratio (%)(3)10.84 10.28 10.60 10.81 10.52 Tang. Cmn. Equity/Tang. Assets (%)(1)8.24 8.72 8.85 9.05 8.77 Loans/Deposits (%) 92.96 96.57 92.80 96.24 97.25 NPLs/Loans (%) 1.45 1.71 1.34 0.19 0.17 NPAs/Assets (%) 1.13 1.33 1.02 0.32 0.30 Criticized Loans/Loans (%) 4.66 3.68 3.28 2.06 1.96 Allowance/NPLs (%) 104.16 89.65 93.73 641.31 742.40 Allowance/Loans (%) 1.51 1.53 1.25 1.20 1.23 NCOs/Average Loans (%)(1)(0.17) (0.03) 0.71 0.26 (0.10) Quarterly
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FINANCIAL HIGHLIGHTS 1. Represents a non-GAAP financial measure. See “Non-GAAP Disclosure Reconciliation.”2. Data is approximate based on the data available at the time of release.35 21 - '25($ in thousands, except where otherwise noted)2021 2022 2023 2024 2025 CAGRTotal Assets 3,392,691$ 3,779,637$ 3,907,713$ 5,261,673$ 5,230,084$ 11.4%Total Loans 1,758,020 2,443,994 2,759,583 3,992,534 4,048,022 23.2%Total Deposits 2,920,551 2,915,484 3,095,611 4,378,410 4,192,003 9.5%Tangible Common Equity(1)307,663 287,330 305,186 365,894 445,929 9.7%Retirement and Benefit Services AUA/AUM(2)36,732,938$ 32,122,520$ 36,682,425$ 40,728,699$ 44,925,311$ 5.2%Wealth Advisory Services AUA/AUM 4,039,931 3,582,648 4,018,846 4,579,189 4,850,600 4.7%Mortgage Originations 1,836,064 812,314 364,114 334,318 484,775 Net Income (Loss) 52,681$ 40,005$ 11,696$ 17,780$ 17,439$ ROAA (%) 1.66 1.14 0.31 0.39 0.33 ROATCE(%)(1)18.89 15.09 5.37 7.14 6.29 Net Interest Margin (FTE) (%)(1)2.90 3.04 2.46 2.56 3.53 Efficiency Ratio (FTE) (%)(1)70.02 72.86 85.85 77.92 84.10 Non-Int. Income (Loss)/Op. Rev. (%) 62.86 52.72 47.74 51.78 23.12 Earnings (loss) per common share - diluted 2.97$ 2.10$ 0.58$ 0.83$ 0.68$ Common Equity Tier 1 Capital Ratio (%) 14.65 13.39 11.82 9.91 10.28 Tang. Cmn. Equity/Tang. Assets (%)(1)9.21 7.74 7.94 7.13 8.72 Loans/Deposits (%) 60.19 83.83 89.15 91.19 96.57 NPLs/Loans (%) 0.12 0.16 0.32 1.58 1.71 NPAs/Assets (%) 0.09 0.10 0.22 1.20 1.33 Criticized Loans/Loans (%) 1.21 1.44 2.23 4.97 3.68 Allowance/NPLs (%) 1,437.05 820.93 410.34 95.30 89.65 Allowance/Loans (%) 1.80 1.27 1.30 1.50 1.53 NCOs/Average Loans (%)(1)(0.04) 0.02 (0.04) 0.13 0.05 Annual
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NON-GAAP DISCLOSURE RECONCILIATION 361. Adjusted items are shown after-tax using a 21% tax rate. ($ in thousands, except where otherwise noted)3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026Tangible common equity to tangible assetsTotal common stockholders' equity 550,688$ 564,934$ 574,693$ 583,143$ 576,850$ Less: Goodwill 85,634 85,634 85,634 85,634 85,634 Less: Other intangible assets 35,753 33,371 31,397 29,422 27,448 Tangible common equity (a) 429,301 445,929 457,662 468,087 463,768 Total assets 5,330,573 5,230,084 5,287,971 5,288,718 5,403,103 Less: Goodwill 85,634 85,634 85,634 85,634 85,634 Less: Other intangible assets 35,753 33,371 31,397 29,422 27,448 Tangible assets (b) 5,209,186 5,111,079 5,170,940 5,173,662 5,290,021 Tangible common equity to tangible assets (a)/(b) 8.24% 8.72% 8.85% 9.05% 8.77% Tangible book value per common shareTangible common equity (a) 429,301 445,929 457,662 468,087 463,768 Common shares issued and outstanding (c) 25,397 25,406 25,214 24,986 24,744 Tangible book value per common share (a)/(c) 16.90$ 17.55$ 18.15$ 18.73$ 18.74$ Return on average tangible common equityNet income (loss) 16,924$ (33,050)$ 22,971$ 20,865$ 19,200$ Add: Intangible amortization expense (net of tax)(1)2,141 1,882 1,559 1,559 1,559 Net income (loss), excluding intangible amortization (d) 19,065 (31,168) 24,530 22,424 20,759 Average total equity 524,459 552,106 566,563 574,862 582,770 Less: Average goodwill 85,634 85,634 85,634 85,634 85,634 Less: Average other intangible assets (net of tax)(1)29,540 27,270 25,664 24,003 22,447 Average tangible common equity (e) 409,285 439,202 455,265 465,225 474,689 Return on average tangible common equity (d)/(e) 18.48% (28.15)% 21.85% 19.33% 17.35%Efficiency ratioNoninterest expense 50,541$ 51,881$ 50,392$ 52,883$ 53,868$ Less: Intangible amortization expense 2,710 2,382 1,974 1,974 1,974 Noninterest expense excluding intangible amortization (f) 47,831 49,499 48,418 50,909 51,894 Net interest income 43,136 45,174 44,912 47,712 46,723 Noninterest income (loss) 29,430 (36,949) 30,847 32,945 34,350 Tax-equivalent adjustment for loans and securities 638 654 619 755 771 Total tax-equivalent revenue (g) 73,204 8,879 76,378 81,412 81,844 Efficiency ratio (f)/(g) 65.34% 557.48% 63.39% 62.53% 63.41% Pre-provision net revenueNet interest income43,136$ 45,174$ 44,912$ 47,712$ 46,723$ Add: Noninterest income (loss)29,430 (36,949) 30,847 32,945 34,350 Less: Noninterest expense50,541 51,881 50,392 52,883 53,868 Pre-provision net revenue (loss) 22,025 (43,656) 25,367 27,774 27,205 Quarterly
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NON-GAAP DISCLOSURE RECONCILIATION 1. Banking fees and other revenue consists of service charges on deposit accounts, mortgage income, interchange income and other noninterest income.2. Includes HMNF acquisition-related personnel expenses.37 Twelve Months Ended($ in thousands, except for per share data and where otherwise noted)3Q 20254Q 20251Q 20262Q 20263Q 2026September 30, 2026Adjusted noninterest incomeNoninterest income (loss) 29,430$ (36,949)$ 30,847$ 32,945$ 34,350$ 61,193$ Less: Adjusted noninterest income (loss) itemsNet gains (losses) on investment securities — (68,403) — — — (68,403) Net gains (losses) on sale of loans (35) — — — — — Net gains (losses) on sale/disposal of premises and equipment — (445) (21) 653 1,554 1,741 Total adjusted noninterest income (loss) items (a) (35) (68,848) (21) 653 1,554 (66,662) Adjusted noninterest income (b) 29,465 31,899 30,868 32,292 32,796 127,855 Adjusted Noninterest income as a percentage of adjusted revenueAdjusted noninterest income (b)29,465$ 31,899$ 30,868$ 32,292$ 32,796$ 127,855$ Net interest income (c) 43,136 45,174 44,912 47,712 46,723 184,521 Adjusted revenue (b) + (c) = (d) 72,601 77,073 75,780 80,004 79,519 312,376 Adjusted noninterest income as a percentage of adjusted revenue (b)/(d) 40.58% 41.39% 40.73% 40.36% 41.24% 40.93%Adjusted banking fees and other income(1)Banking fees and other income (loss)(1)6,374$ (61,647)$ 6,204$ 7,893$ 8,685$ (38,865)$ Less: Net gains (losses) on investment securities — (68,403) — — — (68,403) Less: Net gains (losses) on sale of loans (35) — — — — - Less: Net gains (losses) on sale/disposal of premises and equipment — (445) (21) 653 1,554 1,741 Adjusted banking fees and other income(1)(e) 6,409 7,201 6,225 7,240 7,131 27,797 Adjusted revenue (d) 72,601$ 77,073$ 75,780$ 80,004$ 79,519$ 312,376 Adjusted banking fees and other income as a percentage of adjusted revenue (e)/(d) 8.83% 9.34% 8.21% 9.05% 8.97% 8.90%Adjusted noninterest expenseNoninterest expense50,541$ 51,881$ 50,392$ 52,883$ 53,868$ Less: Adjusted noninterest expense itemsHMNF merger- and acquisition-related expenses (43) (112) (34) 6 15 Severance and signing bonus expense(2)104 212 167 216 144 Total adjusted noninterest expense items (f) 61 100 133 222 159 Adjusted noninterest expense (g) 50,480 51,781 50,259 52,661 53,709 Adjusted pre-provision net revenueNet interest income43,136$ 45,174$ 44,912$ 47,712$ 46,723$ Add: Adjusted noninterest income (b)29,465 31,899 30,868 32,292 32,796 Less: Adjusted noninterest expense (g)50,480 51,781 50,259 52,661 53,709 Adjusted pre-provision net revenue (h) 22,121 25,292 25,521 27,343 25,810 Adjusted Efficiency ratioAdjusted noninterest expense (g) 50,480$ 51,781$ 50,259$ 52,661$ 53,709$ Less: Intangible amortization expense 2,710 2,382 1,974 1,974 1,974 Adjusted noninterest expense for efficiency ratio (i) 47,770 49,399 48,285 50,687 51,735 Tax-equivalent revenueNet interest income 43,136 45,174 44,912 47,712 46,723 Add: Adjusted noninterest income (b) 29,465 31,899 30,868 32,292 32,796 Add: Tax-equivalent adjustment for loans and securities 638 654 619 755 771 Total tax-equivalent revenue (j) 73,239 77,727 76,399 80,759 80,290 Adjusted efficiency ratio (i)/(j) 65.22% 63.55% 63.20% 62.76% 64.44% Quarterly
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NON-GAAP DISCLOSURE RECONCILIATION 1. Adjusted items are shown after-tax using a 21% tax rate.38 Lettered items are continued from the prior slide($ in thousands, except for per share data and where otherwise noted)3Q 20254Q 20251Q 20262Q 20263Q 2026Adjusted net incomeNet income (loss) 16,924$ (33,050)$ 22,971$ 20,865$ 19,200$ Less: Adjusted noninterest income (loss) items (net of tax)(1) (a)(28) (54,390) (17) 516 1,228 Add: Adjusted noninterest expense items (net of tax)(1) (f)48 79 105 175 126 Adjusted net income (k) 17,000 21,419 23,093 20,524 18,098 Adjusted return on average assetsAverage total assets (l) 5,273,306 5,252,046 5,218,515 5,226,319 5,255,954 Adjusted return on average total assets (k)/(l) 1.28% 1.62% 1.79% 1.58% 1.37% Adjusted return on average total equityAverage total equity (m) 524,459 552,106 566,563 574,862 582,770 Adjusted return on average total equity (k)/(m) 12.86% 15.39% 16.53% 14.32% 12.32% Adjusted pre-provision net revenue as a percentage of average total assetsAdjusted pre-provision net revenue (h) 22,121$ 25,292$ 25,521$ 27,343$ 25,810$ Average total assets (l) 5,273,306 5,252,046 5,218,515 5,226,319 5,255,954 Adjusted pre-provision net revenue as a percentage of average total assets (h)/(l) 1.66% 1.91% 1.98% 2.10% 1.95% Adjusted return on average tangible common equityAdjusted net income (k) 17,000$ 21,419$ 23,093$ 20,524$ 18,098$ Add: Intangible amortization expense (net of tax)(1)2,141 1,882 1,559 1,559 1,559 Adjusted net income, excluding intangible amortization (n) 19,141 23,301 24,652 22,083 19,657 Average total equity (m) 524,459 552,106 566,563 574,862 582,770 Less: Average goodwill 85,634 85,634 85,634 85,634 85,634 Less: Average other intangible assets (net of tax)(1)29,540 27,270 25,664 24,003 22,447 Average tangible common equity (o) 409,285 439,202 455,265 465,225 474,689 Adjusted return on average tangible common equity (n)/(o) 18.55% 21.05% 21.96% 19.04% 16.43% Adjusted earnings per common share - dilutedAdjusted net income (k) 17,000$ 21,419$ 23,093$ 20,524$ 18,098$ Less: Dividends and undistributed earnings allocated to participating securities 148 (462) 206 192 171 Adjusted net income available to common stockholders (p) 16,852 21,881 22,887 20,332 17,927 Weighted-average common shares outstanding for diluted earnings per share (q) 25,713 25,710 25,679 25,395 25,161 Adjusted earnings per common share - diluted (p)/(q) 0.66 0.85 0.89 0.80 0.71 Net charge-offs (recoveries) to average loansNet charge-offs (recoveries)(r) (1,715)$ (311)$ 7,027$ 2,575$ (1,018)$ Average total loans (s) 4,036,936 4,049,082 4,029,719 4,032,142 4,026,351 Net charge-offs (recoveries) to average loans (r)/(s) (0.17)% (0.03)% 0.71% 0.26% (0.10)%Net interest margin (on a tax-equivalent basis)Net interest income 43,136 45,174 44,912 47,712 46,723 Add: Tax equivalent adjustment for loans and securities 638 654 619 755 771 Net interest income (on a tax-equivalent basis)(1) (t) 43,774 45,828 45,531 48,467 47,494 Average interest-earning assets (u) 4,965,849 4,926,530 4,901,399 4,896,740 4,912,782 Net interest margin (on a tax-equivalent basis)(1) (t)/(u)3.50% 3.69% 3.77% 3.97% 3.84% Quarterly
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NON-GAAP DISCLOSURE RECONCILIATION 391. Adjusted items are shown after-tax using a 21% tax rate. ($ in thousands, except where otherwise noted)2021 2022 2023 2024 2025Tangible common equity to tangible assetsTotal common stockholders' equity 359,403$ 356,872$ 369,127$ 495,410$ 564,934$ Less: Goodwill 31,490 47,087 46,783 85,634 85,634 Less: Other intangible assets 20,250 22,455 17,158 43,882 33,371 Tangible common equity (a) 307,663 287,330 305,186 365,894 445,929 Total assets 3,392,691 3,779,637 3,907,713 5,261,673 5,230,084 Less: Goodwill 31,490 47,087 46,783 85,634 85,634 Less: Other intangible assets 20,250 22,455 17,158 43,882 33,371 Tangible assets (b) 3,340,951 3,710,095 3,843,772 5,132,157 5,111,079 Tangible common equity to tangible assets (a)/(b) 9.21% 7.74% 7.94% 7.13% 8.72% Tangible book value per common shareTangible common equity (a) 307,663 287,330 305,186 365,894 445,929 Common shares issued and outstanding (c) 17,213 19,992 19,734 25,345 25,406 Tangible book value per common share (a)/(c) 17.87$ 14.37$ 15.46$ 14.44$ 17.55$ Return on average tangible common equityNet income (loss) 52,681$ 40,005$ 11,696$ 17,780$ 17,439$ Add: Intangible amortization expense (net of tax)(1)3,460 3,756 4,184 5,353 8,304 Net income (loss), excluding intangible amortization (d) 56,141 43,761 15,880 23,133 25,743 Average total equity 346,059 346,355 358,268 397,738 525,323 Less: Average goodwill 30,385 39,415 46,959 56,237 85,634 Less: Average other intangible assets (net of tax)(1)18,548 17,018 15,624 17,534 30,470 Average tangible common equity (e) 297,126 289,922 295,685 323,967 409,219 Return on average tangible common equity (d)/(e) 18.89% 15.09% 5.37% 7.14% 6.29% Efficiency RatioNoninterest expense 168,909$ 158,770$ 150,157$ 180,675$ 201,227$ Less: Intangible amortization expense 4,380 4,754 5,296 6,776 10,511 Noninterest expense excluding intagible amortization (f) 164,529 154,016 144,861 173,899 190,716 Net interest income 87,099 99,729 87,839 107,045 172,499 Noninterest income (loss) 147,387 111,223 80,229 114,930 51,876 Tax equivalent adjustment for loans and securities 492 429 671 1,202 2,402 Total tax-equivalent revenue (g) 234,978 211,381 168,739 223,177 226,777 Efficiency ratio (f)/(g) 70.02% 72.86% 85.85% 77.92% 84.10% Annual
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NON-GAAP DISCLOSURE RECONCILIATION 1. Adjusted items are shown after-tax using a 21% tax rate.40 ($ in thousands, except for per share data and where otherwise noted)20212022202320242025Adjusted net income excluding net gains (losses) on investment securitiesNet income (loss) 52,681$ 40,005$ 11,696$ 17,780$ 17,439$ Less: Net gains (losses) on investment securities (net of tax)(1)- - (19,468) - (54,038) Adjusted net income excluding net gains (losses) on investment securities (a) 52,681 40,005 31,164 17,780 71,477 Adjusted return on average tangible common equity excluding net gains (losses) on investment securitiesAdjusted net income excluding net gains (losses) on investment securities (a) 52,681 40,005 31,164 17,780 71,477 Add: Intangible amortization expense (net of tax)(1)3,460 3,756 4,184 5,353 8,304 Adjusted net income excluding net gains (losses) on investment securities and intangible amortization (b)56,141 43,761 35,348 23,133 79,781 Average total equity 346,059$ 346,355$ 358,268$ 397,738$ 525,323$ Less: Average goodwill 30,385 39,415 46,959 56,237 85,634 Less: Average other intangible assets (net of tax)(1)18,548 17,018 15,624 17,534 30,470 Average tangible common equity (c) 297,126 289,922 295,685 323,967 409,219 Adjusted return on average tangible common equity excluding net gains (losses) on investment securities (b)/(c)18.89% 15.09% 11.95% 7.14% 19.50% Adjusted return on average assets excluding net gains (losses) on investment securitiesAverage total assets (d) 3,178,820 3,500,655 3,817,017 4,503,483 5,277,867 Adjusted return on average assets excluding net gains (losses) on investment securities (a)/(d)1.66% 1.14% 0.82% 0.39% 1.35% Net charge-offs (recoveries) to average loansNet charge-offs (recoveries)(e) (826)$ 426$ (1,065)$ 4,154$ 2,148$ Average total loans (f) 1,858,686 2,059,435 2,535,073 3,099,015 4,047,034 Net charge-offs (recoveries) to average loans (e)/(f) (0.04)% 0.02% (0.04)% 0.13% 0.05%Net interest margin (on a tax-equivalent basis)Net interest income 87,099 99,729 87,839 107,045 172,499 Add: Tax equivalent adjustment for loans and securities 492 429 671 1,202 2,402 Net interest income (on a tax-equivalent basis)(1) (g) 87,591 100,158 88,510 108,247 174,901 Average interest-earning assets (h) 3,018,172 3,298,644 3,592,476 4,221,873 4,957,720 Net interest margin (on a tax-equivalent basis)(1) (g)/(h)2.90% 3.04% 2.46% 2.56% 3.53% Annual
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NON-GAAP DISCLOSURE RECONCILIATION 1. Includes HMNF acquisition-related personnel expenses.2. Adjusted items are shown after-tax using a 21% tax rate.41 Annual($ in thousands, except for per share data and where otherwise noted)2025Adjusted noninterest incomeNoninterest income (loss)51,876 Less: Adjusted noninterest income (loss) itemsNet gains (losses) on investment securities(68,403) Net gains (losses) on sale of loans2,080 Net gains (losses) on sale/disposal of premises and equipment(530) Total adjusted noninterest income (loss) items (a)(66,853) Adjusted noninterest income (b) 118,729 Adjusted RevenueNet interest income172,499 Adjusted noninterest income (b) 118,729 Adjusted revenue291,228 Adjusted noninterest expenseNoninterest expense201,227 Less: Adjusted noninterest expense itemsHMNF acquisition-related expenses142 Severance and signing bonus expense(1)1,319 Total adjusted noninterest expense items (c) 1,461 Adjusted noninterest expense199,766 Adjusted return on average assetsNet income (loss)17,439 Less: Adjusted noninterest income (loss) items (net of tax)(2) (a)(52,814) Add: Adjusted noninterest expense items (net of tax)(2) (c)1,154 Adjusted net income (d)71,407 Average total assets (e)5,277,867 Adjusted return on average assets (d)/(e)1.35%