Retirement & Benefit Services was Alerus Financial’s largest product and service line in fiscal 2023, bringing in $65.29M of $96.84M (67%).
| Product and Service | FY 2022 | FY 2023 |
|---|---|---|
| Retirement & Benefit Services | $67.14M | $65.29M |
| Wealth Management | $20.87M | $21.86M |
| Mortgage Banking | $16.92M | $8.41M |
| Deposit Account | $1.43M | $1.28M |
| Total | $106.36M | $96.84M |
Alerus Financial brought in $96.84M from its four product and service lines in fiscal 2023, the year ended December 31, 2023. That was down 9.0% from $106.36M in fiscal 2022. Retirement & Benefit Services was the largest at $65.29M (67.4%), ahead of Wealth Management at $21.86M (22.6%) and Mortgage Banking at $8.41M (8.7%). The remaining line, Deposit Account, brought in $1.28M.
Compared with fiscal 2022, Wealth Management grew fastest, up 4.7% to $21.86M, while Mortgage Banking fell the most, down 50.3% to $8.41M.
Alerus Financial (ALRS) reports its revenue by product and service. In fiscal 2023, Retirement & Benefit Services was its largest product and service line, bringing in $65.29M (67.4% of the total), followed by Wealth Management at $21.86M (22.6%).
Retirement & Benefit Services was Alerus Financial's largest product and service line in fiscal 2023, bringing in $65.29M, or 67.4% of the $96.84M total across its four product and service lines.
Among Alerus Financial's product and service lines that make up at least 2% of revenue, Wealth Management grew fastest in fiscal 2023, up 4.7% from $20.87M to $21.86M.
Every figure comes from Alerus Financial's annual financial filings, as reported. Each line keeps the name Alerus Financial gives it, and years follow its fiscal calendar.
Alerus Financial's revenue by product and service goes back to fiscal 2022, with figures through fiscal 2023. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.