Alerus Financial Corporation (NASDAQ:ALRS) Q1 2024 Results Conference Call April 25, 2024 12:00 PM ET
Company Participants
Katie Lorenson - President and CEO
Al Villalon - Chief Financial Officer
Karin Taylor - Chief Risk Management Officer
Jim Collins - Chief Banking and Revenue Officer
Conference Call Participants
Brendan Nosal - Hovde Group
Jeff Rulis - D.A Davidson
David Feaster - Raymond James
Nathan Race - Piper Sandler
Damon DelMonte - KBW
Operator
Good afternoon, and welcome to the Alerus Financial Corporation Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. Please note, this event is being recorded.
This call may include forward-looking statements, and the Company's actual results may differ materially from those indicated in any forward-looking statements. Important factors that could cause actual results to differ materially from those indicated in the forward-looking statements are listed in the earnings release and the Company's SEC filings.
I would now like to turn the conference over to Alerus Financial Corporation President and CEO, Katie Lorenson. Please go ahead.
Katie Lorenson
All right. Thank you, Angela. I appreciate it. Greetings all, and welcome to the Q1 2024 Alerus earnings call. We appreciate you all taking the time to join us today.
Joining me here today in Minneapolis is Alerus' CFO, Al Villalon; our Chief Operating and Risk Officer, Karin Taylor; our Chief Banking and Revenue Officer, Jim Collins; and making his debut earnings call with us today is our Chief Retirement Services Officer, Forrest Wilson.
I am incredibly proud to be surrounded by these talented professionals here in this room, and as well as widely and deeply across the Alerus franchise.
Earnings for the first quarter of 2024 matched expectations as our team members delivered again in executing our organic growth of One Alerus strategy. Client wins came across -- came through in all parts of the business and most notably resulted in strong deposit and wealth management growth and inflows. We saw new client wins in C&I, which came with lending opportunities and full treasury management relationships.
Our One Alerus business model and holistic approach to serving clients continue to differentiate our company with an impressive quarter of net inflows in wealth management and strong production was driven by business owner liquidity events as well as robust rollover business sourced from our retirement division.
The synergies between private banking, wealth, mortgage and commercial banking continue to emerge even faster than expected. The results of these efforts by our team members and support services were evident, with deposit balances increasing over 6% in the quarter and commercial loans growing over 2% during the quarter.