GRAND FORKS, N.D. • Alerus recently received the Raymond James Community Bankers Cup award for 2020.
Now in its ninth year, the award recognizes the top 10% of 241 publicly traded community banks in the U.S. with assets between $500 million and $10 billion, Alerus said in an announcement on Monday, April 19.
“This award recognizes the value of our business model and meaningful work we provide to clients. Our company continues to achieve incredible financial performance, despite a global pandemic and economic downturn,” said Alerus Chief Financial Officer Katie Lorenson. “It is an honor to be among a select few community banks across the nation that outperformed the NASDAQ Bank Index.”
Recipients demonstrated superior financial performance in one or more of six financial performance and stability areas, as identified and measured by Raymond James. The company said those areas include: nonperforming assets to loans and real estate owned, five-year average core deposit percentage, net interest margin, efficiency ratio, return on average assets, and return on average tangible common equity.
Alerus was one of just 25 organizations to receive the 2020 Community Bankers Cup and one of seven first-time recipients. 2020 was the first year Alerus was eligible to receive the award, after becoming publicly traded on Nasdaq in September 2019.