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Published January 28, 2013, 08:49 AM

Grand Forks financial company shows record income

GRAND FORKS, N.D. (AP) — A Grand Forks-based financial services company reported record net income in 2012.

GRAND FORKS, N.D. (AP) — A Grand Forks-based financial services company reported record net income in 2012.

Year-end results released Friday show that Alerus Financial Corp. had net income of $17.9 million for the year, up 66.9 percent from 2011. Its fourth-quarter net income was $4.8 million, up 51 percent from fourth quarter of 2011.

Alerus officials say the results were due to increases in net interest income and fee-based revenue, and a lower provision for credit losses.

Company President and CEO Randy Newman tells the Grand Forks Herald the results would be remarkable in the best of times, but says the results are magnified by the "ongoing challenges of our national economy and industry."

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