Alerus financial corporation sells $172.3m of debt securities and uses proceeds to fund loan growth, cut borrowings

Minneapolis--(business wire)--on december 15, 2023, alerus financial corporation (nasdaq: alrs) completed the sale of $172.3 million of available-for-sale securities (“afs”). the sale resulted in a one-time pre-tax net loss of $24.7 million. proceeds from the sale will be reinvested into loans to new and existing clients throughout the communities the company serves in addition to paying down borrowings. the weighted average yield on the afs securities sold was 2.66% and the estimated time to e.
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