Alerus Financial (ALRS) 8-K Alerus Financial Corporation Announces Fourth Quarter 2023 Results, Including Balance Sheet Repositioning

Exhibit 99.2

EARNINGS PRESENTATION Q4 2023 NASDAQ: ALRS Alerus

1 Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of Alerus Financial Corporation. These statements are often, but not always, identified by words such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized”, “target” and “outlook”, or the negative version of those words or other comparable words of a future or forward-looking nature. Examples of forward-looking statements include, among others, statements we make regarding our projected growth, anticipated future financial performance, financial condition, credit quality, management’s long-term performance goals and the future plans and prospects of Alerus Financial Corporation. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in forward-looking statements include, among others, the following: interest rate risk, including the effects of recent and potential additional rate increases by the Federal Reserve; our ability to successfully manage credit risk and maintain an adequate level of allowance for credit losses; new or revised accounting standards; business and economic conditions generally and in the financial services industry, nationally and within our market areas, including continued rising rates of inflation and possible recession; the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short-period of time at Silicon Valley Bank, Signature Bank and First Republic Bank that resulted in the failure of those institutions; the overall health of the local and national real estate market; concentrations within our loan portfolio; the level of nonperforming assets on our balance sheet; our ability to implement our organic and acquisition growth strategies, including the integration of Metro Phoenix Bank which we acquired in 2022; the impact of economic or market conditions on our fee-based services; our ability to continue to grow our retirement and benefit services business; our ability to continue to originate a sufficient volume of residential mortgages; the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools; interruptions involving our information technology and telecommunications systems or third-party servicers; potential losses incurred in connection with mortgage loan repurchases; the composition of our executive management team and our ability to attract and retain key personnel; rapid technological change in the financial services industry; increased competition in the financial services industry from non-banks such as credit unions and Fintech companies, including digital asset service providers; our ability to successfully manage liquidity risk, including our need to access higher cost sources of funds such as fed funds purchased and short-term borrowings; the concentration of large deposits from certain clients, who have balances above current Federal Deposit Insurance Corporation (“FDIC”) insurance limits; the effectiveness of our risk management framework; the commencement and outcome of litigation and other legal proceedings and regulatory actions against us or to which we may become subject; potential impairment to the goodwill we recorded in connection with our past acquisitions, including the acquisition of Metro Phoenix Bank; the extensive regulatory framework that applies to us; the impact of recent and future legislative and regulatory changes, including in response to the recent failures of Silicon Valley Bank, Signature Bank and First Republic Bank in 2023; fluctuations in the values of the securities held in our securities portfolio, including as a result of changes in interest rates; governmental monetary, trade and fiscal policies; risks related to climate change and the negative impact it may have on our customers and their businesses; severe weather, natural disasters, widespread disease or pandemics; acts of war or terrorism, including the Israeli-Palestinian conflict and the Russian invasion of Ukraine, or other adverse external events; any material weaknesses in our internal control over financial reporting; changes to U.S. or state tax laws, regulations and guidance, including the new 1.0% excise tax on stock buybacks by publicly traded companies; potential changes in federal policy and at regulatory agencies as a result of the upcoming 2024 presidential election; talent and labor shortages and employee turnover; our success at managing the risks involved in the foregoing items; and any other risks described in the “Risk Factors” sections of the reports filed by Alerus Financial Corporation with the Securities and Exchange Commission. Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. Non-GAAP Financial Measures This presentation includes certain ratios and amounts that do not conform to U.S. Generally Accepted Accounting Principles, or GAAP. Management uses certain non-GAAP financial measures to evaluate financial performance and business trends from period to period and believes that disclosure of these non-GAAP financial measures will help investors, rating agencies and analysts evaluate the financial performance and condition of Alerus Financial Corporation. This presentation includes a reconciliation of each non-GAAP financial measure to the most comparable GAAP equivalent. Miscellaneous Except as otherwise indicated, this presentation speaks as of the date hereof. The delivery of this presentation shall not, under any circumstances, create any implication that there has been no change in the affairs of Alerus Financial Corporation after the date hereof. Certain of the information contained herein may be derived from information provided by industry sources. We believe that such information is accurate and that the sources from which it has been obtained are reliable. We cannot guarantee the accuracy of such information, however, and we have not independently verified such information. DISCLAIMERS

2 Retirement and Benefit Revenue 33.9% Wealth Management Revenue 11.3% Mortgage Revenue 4.4% Banking Fees and Other Income 4.8% Net Interest Income 45.6% FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2023(1) Noninterest income(1): $104.9 million Net interest income: $87.8 million $31.9 $34.2 $36.7 $32.1 $36.7 2019 2020 2021 2022 2023 OUR MISSION ▪ To positively impact our clients’ financial potential-through holistic guidance, unparalleled service, and engaging technology. COMPANY PROFILE 1 - Excludes net losses on investment securities of $24.6 million in 4Q23 which represents a non-GAAP Financial measure. See “Non-GAAP Disclosure Reconciliation.” 2 - Banking fees and other income consists of service charges on deposit accounts, interchange income and other noninterest income. Data as of 12/31/2023. DIVERSIFIED REVENUE STREAM ASSET GROWTH ($ IN BILLIONS) Banking Assets Retirement and Benefit Services AUA/AUM Wealth Management AUA/AUM $3.1 $3.3 $4.0 $3.6 $4.0 2019 2020 2021 2022 2023 NONINTEREST INCOME AS A % OF REVENUE(1): 54.4% DIVERSIFIED FINANCIAL SERVICES COMPANY ▪ $3.9 billion Banking assets ▪ $36.7 billion Retirement and Benefit Services AUA/AUM ▪ $4.0 billion Wealth Management AUA/AUM ▪ $364.1 million in Mortgage Originations in 2023 ALERUS BUSINESS LINES ▪ Banking ▪ Retirement and Benefit Services ▪ Wealth Management ▪ Mortgage $2.4 $3.0 $3.4 $3.8 $3.9 2019 2020 2021 2022 2023 (1)/(2)

3 A BIG COMPANY MODEL WITH SMALL COMPANY EXECUTION OUR DIVERSE BUSINESS LINES 1 - Excludes net losses on investment securities of $24.6 million in 4Q23 which represents a non-GAAP Financial measure. See “Non-GAAP Disclosure Reconciliation.” Revenue data LTM as of 12/31/2023. TRUSTED ADVISOR BANKING(1) WEALTH MANAGEMENT • Residential mortgage lending • Residential construction lending • Home equity/second mortgages • Advisory services • Trust and fiduciary services • Investment management • Insurance planning • Financial planning • Education planning • Retirement plan administration and recordkeeping • Retirement plan investment advisory • Health and benefits administration COMMERCIAL BANKING • Commercial and commercial real estate lending • Government and non-profit banking • Small business lending • Treasury management • Deposit services CONSUMER BANKING • Private banking • Deposit products and services • Consumer lending MORTGAGE RETIREMENT & BENEFIT SERVICES 33.9% of Revenue 4.4% of Revenue 11.3% of Revenue 50.4% of Revenue

4 FRANCHISE FOOTPRINT FULL-SERVICE BANKING OFFICES Alerus offers banking, retirement and benefit services, mortgage and wealth management services at all full-service banking offices ▪ Grand Forks, ND: 4 full-service banking offices ▪ Fargo, ND: 3 full-service banking offices ▪ Twin Cities, MN: 6 full-service banking offices ▪ Phoenix, AZ: 2 full-service banking offices RETIREMENT AND BENEFIT SERVICES OFFICES ▪ 1 office in Minnesota ▪ 1 office in Michigan ▪ 1 office in Colorado ▪ Serve clients in all 50 states through retirement plan services DIVERSIFIED CLIENT BASE ▪ 37,700 consumer clients ▪ 16,700 commercial clients ▪ 8,300 employer-sponsored retirement plans Data as of 12/31/2023. ▪ 474,000 employer-sponsored retirement and benefit plan participants and health savings account participants ▪ 37,550 flexible spending account and health reimbursement arrangement participants

5 37.2% 23.3% 9.3% 28.3% 30.2% 57.4% 14.3% STRONG GROWTH MARKETS AND STABLE CORE FUNDING MARKET DISTRIBUTION LOANS $2,756 DEPOSITS $3,096 ARB ASSETS UNDER ADMIN/MGMT. $36,682 WM ASSETS UNDER ADMIN/MGMT. $4,019 2023 MORTGAGE ORIGINATIONS $364 (DOLLARS IN MILLIONS) Data as of 12/31/2023. LEGEND North Dakota Minnesota Arizona National Synergistic 9.4% 85.6% 5.0% 71.7% 11.2% 4.2% 12.9% 9.4% 13.4% 77.2%

6 ONE ALERUS REINVENTION OF PROCESSES We consistently seek new ways to enhance efficiencies and improve scalability. TAILORED ADVICE We strive to provide each client with a primary point of contact — a trusted advisor — who deals with individual needs and integrates other department’s expertise when necessary. SYNERGISTIC GROWTH Deposits sourced from our retirement and benefit services and wealth management divisions totaled $851.5 million as of December 31, 2023. Cumulative rollovers have added $1.3 billion of assets under management. Residential real estate first mortgages totaled $726.9 million as of December 31, 2023. TECHNOLOGY INVESTMENT We have proactively invested in technology to further our goal to effectively integrate all departments and business lines. These investments allow for digital and proactive engagement with clients. DIVERSIFIED SERVICES We provide comprehensive products and services to clients including banking, mortgage, wealth management, and retirement and benefit services. ONE ALERUS STRATEGY Our collaborative One Alerus culture brings our product and service offerings to clients in a cohesive and seamless manner. We believe One Alerus enables us to achieve future organic growth through client acquisition, retention and expansion to provide strong returns to our stockholders and employees through our ESOP. CULTURE + BUSINESS MODEL = SUSTAINED TOP TIER SHAREHOLDER RESULTS ONE ALERUS Data as of 12/31/2023.

7 EXPANDED TO COLORADO Acquired Retirement Planning Services, Inc. (Littleton, CO) To supplement our organic growth, we have executed 25 acquisitions throughout the history of our company across all business lines: STRATEGIC GROWTH 2000 2002 2003 2006 2007 2019 2009 2016 2015 2014 2013 2012 REBRANDED TO ALERUS 2011 Acquired a branch from BNC National Bank (Fargo, ND) Acquired Pension Solutions, Inc. (St. Paul, MN) The catalyst to the Retirement Division OPENED A TRUST AND INVESTMENT OFFICE (TWIN CITIES) Acquired Stanton Trust Company (Minneapolis, MN) EXPANDED TO MINNESOTA MARKET OPENED A BUSINESS BANKING OFFICE (MINNETONKA, MN) Acquired Acclaim Benefits, Inc. (Minneapolis, MN) Acquired Stanton Investment Advisors (Minneapolis, MN) EXPANDED TO ARIZONA MARKET OPENED A BUSINESS BANKING OFFICE (SCOTTSDALE, AZ) Acquired retirement plan practice of Eide Bailly, LLP (Minneapolis, MN) Acquired Prosperan Bank (Twin Cities, MN) Acquired deposits from BankFirst (Minneapolis, MN) Acquired Residential Mortgage Group (Minnetonka, MN) Acquired selected loans and deposits (in MN) and a branch (in AZ) from BNC National Bank EXPANDED TO MICHIGAN Acquired PensionTrend, Inc. and PensionTrend Investment Advisers, LLC (Okemos, MI) Acquired Tegrit Administrators, LLC Acquired Private Bank Minnesota (Minneapolis, MN) Acquired Retirement Alliance, Inc. (Manchester, NH) Acquired Interactive Retirement Systems, Ltd. (Bloomington, MN) Acquired Beacon Bank (Shorewood, Excelsior, Eden Prairie and Duluth, MN) Acquired Alliance Benefit Group North Central States, Inc. (Albert Lea and Eden Prairie, MN) COMPLETED INITIAL PUBLIC OFFERING (IPO) 2017 LAUNCHED ONE ALERUS STRATEGIC GROWTH PLAN 2020 2022 Acquired Metro Phoenix Bank (Phoenix, AZ)

8 ▪ Diversified client base consists of 37,700 consumers clients, 16,700 commercial clients and over 397,000 employer-sponsored retirement and benefit plan participants ▪ Harness product synergies unavailable to traditional banking organizations ▪ Capitalize on strategic opportunities to grow in our existing markets or new markets ▪ Acquisition targets include banks and nationwide fee income companies with complementary business models, cultural similarities, synergy and growth opportunities ▪ Recruiting top talent in mid-market C&I banking and specialty niches to accelerate growth in our existing markets or jumpstart our entrance into new markets ▪ Market disruption caused by M&A activity provides lift-out opportunities ▪ Purpose driven organization with a recognizable mission for clients, employees, and stakeholders ▪ Proactively position ourselves as an acquirer and employer of choice ▪ Invested in one of the leading marketing automation technologies ▪ Provide secure and reliable technology that meets evolving client expectations ▪ Integrate our full product and service offerings through our fast-follower strategy KEY STRATEGIC INITIATIVES GROWING THE ALERUS FRANCHISE LEVERAGE OUR EXISTING CLIENT BASE EXECUTE STRATEGIC ACQUISITIONS PURSUE TALENT ACQUISITION ENHANCE BRAND AWARENESS STRENGTHEN AND BUILD INFRASTRUCTURE ▪ Collaborative leadership team focused on growing organically through new client acquisition and deepening relationships with existing clients through our expansive services ▪ Diversified business model focused on bringing value to the client through advice and specialty solutions to help clients grow ORGANIC GROWTH “ONE ALERUS”

9 DAN COUGHLIN Since 2016 Chairman, Alerus Financial Corp. Former MD & Co-Head – Fin’l Services Inv. Banking, Raymond James; Former Chairman & CEO, Howe Barnes Hoefer & Arnett MARY ZIMMER Since 2021 Former Director of Diverse Client Segments and Former Northern Regional President, Wells Fargo Advisors Former Head of Intl. Wealth USA, Royal Bank of Canada U.S. Wealth Mgmt. JANET ESTEP Since 2021 Former President and CEO, Nacha Former EVP, US Bank Transaction Division Former VP, Pace Analytical Services RANDY NEWMAN Since 1987 Former President and CEO, Alerus OFFICERS AND DIRECTORS MICHAEL MATHEWS Since 2019 Former CIO, Deluxe Corporation Former SVP – Technology and Enterprise Programs, UnitedHealth Group JON HENDRY Executive Vice President and Chief Technology Officer 40 years with Alerus KARIN TAYLOR Executive Vice President and Chief Risk Officer 6 years with Alerus KEVIN LEMKE Since 1994 President Virtual Systems, Inc. GALEN VETTER Since 2013 Former Global CFO, Franklin Templeton Investments; Former Partner-in-Charge, Upper Midwest Region, RSM EXECUTIVE MANAGEMENT BOARD OF DIRECTORS KATIE LORENSON Director, President and Chief Executive Officer 7 years with Alerus MISSY KENEY Executive Vice President and Chief Engagement Officer 19 years with Alerus AL VILLALON Executive Vice President and Chief Financial Officer Joined Alerus in 2022 JIM COLLINS Executive Vice President and Chief Banking and Revenue Officer Joined Alerus in 2022 NIKKI SORUM Since 2023 Former Head of Sales and Distribution, Thrivent Former SVP, Private Client Group, RBC Wealth Management JOHN URIBE Since 2023 Chief Financial Officer Blue Cross and Blue Shield of Minnesota

10 FOURTH QUARTER HIGHLIGHTS

11 ▪ Returned $5.8 million to shareholders through dividends and share repurchases during the quarter ▪ Repurchased $2.1 million of the Company’s outstanding stock at an average per share purchase price of $17.65, reducing common shares outstanding by 118,000 at quarter end ▪ Tangible book value per common share (non-GAAP) was $15.46, an 8.0% increase from the third quarter of 2023 ▪ Common equity tier 1 capital to risk weighted assets as of December 31, 2023 was 11.82%, compared to 13.01% as of September 30, 2023, and continues to be well above the minimum threshold to be well capitalized of 6.50% ▪ Total deposits were $3.1 billion as of December 31, 2023, an increase of $223.4 million, or 7.8%, from September 30, 2023, while uninsured deposits remained steady at 24% of total deposits ▪ Noninterest-bearing deposits increased 1.4% compared to September 30, 2023 ▪ Total loans were $2.8 billion as of December 31, 2023, an increase of $149.7 million, or 5.7%, from September 30, 2023 ▪ The loan to deposit ratio as of December 31, 2023 was 89.0%, compared to 90.7% as of September 30, 2023, with brokered deposits remaining at $0 ▪ Net recoveries to average loans of 0.04%, compared to net recoveries to average loans of 0.09% for the third quarter of 2023 ▪ Net interest margin expanded 10 basis points, from 2.27% in the third quarter to 2.37% in the fourth quarter of 2023 ▪ Net interest income increased 5.7%, from $20.4 million in the third quarter to $21.6 million in the fourth quarter of 2023 ▪ Noninterest income, excluding net losses on investment securities of $24.6 million, was 54.13%(1) of total revenue, compared to 58.21% for the third quarter of 2023 SUCCESS IS NEVER FINAL Q4 2023 HIGHLIGHTS EARNINGS BALANCE SHEET & ASSET QUALITY CAPITAL STRENGTH 1 - Excludes net losses on investment securities of $24.6 million in 4Q23 which represents a non-GAAP Financial measure. See “Non-GAAP Disclosure Reconciliation.”

12 INCOME STATEMENT Q4 2023 FINANCIAL HIGHLIGHTS 1 – Represents a non-GAAP Financial measure. See “Non-GAAP Disclosure Reconciliation.” (dollars and shares in thousands, except per share data) Net Interest Income $ 21,552 $ 20,395 $ 26,964 $ 87,839 $ 99,729 Provision for Credit Losses 1,507 — — 2,057 — Net Interest Income After Provision for Credit Losses 20,045 20,395 26,964 85,782 99,729 Noninterest Income 791 28,407 25,517 80,229 111,223 Noninterest Expense 38,654 37,260 37,948 150,157 158,770 Income Before Income Taxes (17,818) 11,542 14,533 15,854 52,182 Income Tax Expense (3,064) 2,381 3,624 4,158 12,177 Net Income $ (14,754) $ 9,161 $ 10,909 $ 11,696 $ 40,005 Per Common Share Data Earnings Per Common Share - Diluted $ (0.73) $ 0.45 $ 0.53 $ 0.58 $ 2.10 Adjusted Earnings Per Common Share - Diluted (1) 0.26 0.35 0.56 1.47 2.18 Diluted Average Common Shares Outstanding 19,996 20,095 20,232 20,143 18,884 Performance Ratios Return on Average Total Assets (1.51) % 0.95 % 1.17 % 0.31 % 1.14 % Return on Average Tangible Common Equity (1) (18.85) % 13.51 % 16.63 % 5.37 % 15.09 % Noninterest Income as a % of Revenue 3.54 % 58.21 % 48.62 % 47.74 % 52.72 % Net Interest Margin (Tax-Equivalent) 2.37 % 2.27 % 3.09 % 2.46 % 3.04 % Efficiency Ratio (1) 165.40 % 73.37 % 69.62 % 85.85 % 72.86 % December 31, 2023 December 31, 2022 Three months ended Year ended 2023 December 31, September 30, 2023 December 31, 2022

13 PERFORMANCE RATIOS 1 – Represents a non-GAAP Financial measure. See “Non-GAAP Disclosure Reconciliation.” 2 – Rates have been annualized 1.22% 0.74% 0.51% Q4 2022 Q3 2023 Q4 2023 Adjusted Return on Average Assets(1)/(2) 17.35% 10.80% 8.30% Q4 2022 Q3 2023 Q4 2023 Adjusted Return on Average Tangible Common Equity(1)/(2) $14.37 $14.32 $15.46 Q4 2022 Q3 2023 Q4 2023 Tangible Book Value per Share(1)

14 KEY REVENUE ITEMS DOLLARS IN THOUSANDS 1 – Banking fees and other income consists of service charges on deposit accounts, interchange income and other noninterest income. 2 - Excludes net losses on investment securities of $24.6 million in 4Q23 which represents a non-GAAP Financial measure. See “Non-GAAP Disclosure Reconciliation.” Net Interest 5.7% Linked Quarter Income (20.1%) Year-over-year Noninterest (10.5)% Linked Quarter Income (0.3)% Year-over-year $26,964 $20,395 $21,552 Q4 2022 Q3 2023 Q4 2023 Net Interest Income $16,599 $18,605 $15,317 $5,144 $5,271 $5,940 $2,170 $2,510 $1,279 $1,604 $2,021 $2,898 $25,517 $28,407 $25,434 Q4 2022 Q3 2023 Q4 2023 Noninterest Income Retirement & Benefit Services Wealth Management Mortgage Banking Banking Fees and Other Income (1)/(2)

15 NET INTEREST INCOME LOAN YIELD ANDNET INTEREST MARGIN (NIM)(1) AVERAGE EFFECTIVE FF RATE AND COST OF FUNDS QUARTERLY HIGHLIGHTS (1) 1 – Rates have been annualized for interim periods. Source: Federal Reserve. ▪ Interest income increased $2.7 million, or 6.3%, from the third quarter of 2023, primarily driven by a 23 basis point increase in yield on interest earning assets, mostly attributable to higher yields on new loans and strong organic loan growth ▪ The increase in interest income was offset by a $1.5 million increase in interest expense, primarily due to an increase in rates paid on interest-bearing deposits NET INTEREST INCOME (NII) ($ in Thousands) NIM: 2.27% 0.13% 0.10% 0.02% 0.00% (0.15)% 2.37% 4.90% 5.44% 5.64% 3.09% 2.27% 2.37% Q4 2022 Q3 2023 Q4 2023 Loan yield NIM 3.65% 5.26% 5.33% 1.07% 2.53% 2.67% Q4 2022 Q3 2023 Q4 2023 Average effective FF rate Cost of funds

16 DIVERSIFIED LOAN PORTFOLIO TOTAL LOANS DIVERSIFIED LOAN PORTFOLIO HIGHLIGHTS ▪ Total loans grew 12.8% from December 31, 2022 ▪ Year to date loan growth was primarily driven by an increase in commercial real estate, residential real estate, and C&I loans, partially offset by a decrease in other consumer revolving and installment loans ▪ Total loan yield in the current quarter increased to 5.64%, from 5.44% in the prior quarter Commercial and industrial 21.6% Real estate construction 4.5% Commercial real estate 40.9% Residential real estate first mortgage 26.4% Residentital real estate junior lien 5.6% Other revolving and installment 1.0% ($ in Millions) PORTFOLIO CHANGES As of As of As of Change Change ($ in Thousands) 12/31/2022 9/30/2023 12/31/2023 QoQ YoY Commercial and industrial $ 583,876 582,387 $ 594,827 2.1% 1.9% Real estate construction 97,810 97,742 124,034 26.9% 26.8% Commercial real estate 881,670 1,025,014 1,126,912 9.9% 27.8% Residential real estate first mortgage 679,551 717,793 726,879 1.3% 7.0% Residentital real estate junior lien 150,479 152,677 154,134 1.0% 2.4% Other revolving and installment 50,608 30,817 29,302 -4.9% -42.1% Total 2,443,994 2,606,430 2,756,088 5.7% 12.8% Loans to deposits ratio 83.8% 90.7% 89.0% $2,444.0 $2,606.4 $2,756.1 Q4 2022 Q3 2023 Q4 2023

17 NonInterest-Bearing Deposits 23.5% Interest-Bearing Demand Deposits 27.2% Money Market & Savings 30.3% HSA Deposits 5.7% Time Deposits 13.3% STRONG CORE FUNDING MIX TOTAL DEPOSITS HIGHLIGHTS CHECKING ACCOUNTS: 50.7% DECEMBER 31, 2023 DEPOSIT FUNDING ($3,096 MILLION) PORTFOLIO CHANGES ($ in Millions) ▪ Total deposits increased 7.8% compared to September 30, 2023 ▪ Noninterest-bearing deposits increased 1.4% compared to September 30, 2023 ▪ Time deposits increased 18.6% in the current quarter as higher short-term CD rates attracted both existing non-maturity deposits as well as new deposits to the Company $2,054.5 $2,154.2 $2,367.5 $861.0 $718.0 $728.1 $2,915.5 $2,872.2 $3,095.6 Q4 2022 Q3 2023 Q4 2023 Interest-Bearing Deposits NonInterest-Bearing Deposits As of As of As of Change Change ($ in Thousands) 12/31/2022 9/30/2023 12/31/2023 QoQ YoY Noninterest-bearing 860,987 717,990 728,082 1.4% -15.4% Interest-bearing demand 706,275 759,812 840,711 10.6% 19.0% Money market and savings 969,692 871,720 938,527 7.7% -3.2% Time deposits 212,359 346,935 411,562 18.6% 93.8% HSA deposits 166,171 175,727 176,729 0.6% 6.4% Total 2,915,484 2,872,184 3,095,611 7.8% 6.2%

18 $691.6 $763.7 $851.5 Q422 Q323 Q423 Commercial 36.3% Consumer 30.5% Synergistic 27.5% Public 5.7% DEPOSIT CHARACTERISTICS STRONG LIQUIDITY WELL IN EXCESS OF UNINSURED BALANCES 2 – Uninsured and not collateralized deposits represent those customer deposit balances over the current FDIC insurance limit of $250,000 that are not collateralized by other means such as pledged loans or pledged securities COST OF FUNDS INCREASING WITH SHORT-TERM RATES DECEMBER 31, 2023 DEPOSIT COMPOSITION SYNERGISTIC DEPOSIT GROWTH(1) UNINSURED VS INSURED ($ in Millions) As of December 31, 2023, our loan to deposit ratio was 89% with no brokered deposits utilized 23% YoY growth 1 – Synergistic deposits are sourced from our retirement and benefit services and wealth management divisions 0.76% 1.08% 1.07% 2.01% 2.66% 2.53% 2.27% 2.99% 2.67% Cost of Total Deposits Cost of Interest-Bearing Deposits Total Cost of Funds Q4 2022 Q3 2023 Q4 2023 Uninsured and not collateralized (2) 24.3% Uninsured but collateralized 7.3% Uninsured Holding Company deposits held at Bank 2.2% Insured 66.2%

19 INVESTMENT PORTFOLIO INVESTMENT PORTFOLIO MIX AOCI Yield on Securities: 2.3% 2.6% 2.7% % of Earning Assets: 29.3% 26.0% 21.4% ($ in Thousands) ($ in Thousands) Held-to-Maturity: 38.1% Available-for-Sale: 61.9% $(98,641) $(113,483) $(73,655) Q4 2022 Q3 2023 Q4 2023 Agency Non-MBS 0.1% Corporate Debt 6.2% Agency MBS 35.3% Corporate ABS & CMO 41.9% Municipals 16.5% $1,039,226 $943,269 $786,251 Q4 2022 Q3 2023 Q4 2023

20 $31,905 $34,200 $36,733 $32,123 $36,682 434,045 423,156 447,564 453,757 473,692 375,000 390,000 405,000 420,000 435,000 450,000 465,000 480,000 495,000 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 2019 2020 2021 2022 2023 AUA/AUM Participants $89,685 $230,498 $202,330 $195,617 $233,082 $119,728 $126,518 $153,224 $166,171 $176,729 $93,629 $136,946 $170,224 $167,796 $188,349 $303,042 $493,962 $525,778 $529,584 $598,160 2019 2020 2021 2022 2023 Money Market HSA Other $13,496 $12,985 $12,636 $3,103 $2,845 $2,681 $16,599 $2,775 $18,605 $15,317 Q4 2022 Q3 2023 Q4 2023 Recurring annual revenue Transaction based revenue Gain on sale of ESOP business RETIREMENT AND BENEFIT SERVICES OVERVIEW – 8,300 PLANS – NATIONAL FOOTPRINT ASSETS UNDER ADMINISTRATION/MANAGEMENT REVENUE MIX ▪ RETIREMENT - Provide recordkeeping and administration services to qualified retirement plans ▪ TRUST CUSTODY & ADVISORY SERVICES - Provide investment fiduciary services to retirement plans ▪ HEALTH AND BENEFITS - Provide HSA, FSA, COBRA recordkeeping and administration services to employers ▪ REVENUE MIX - 35% market sensitive ▪ ONE ALERUS SYNERGIES • IRA rollovers $132 million YTD 12/31/2023 • Deposits $598 million - HSA deposits, 401(k) Money Market Funds, Emergency Savings, Terminated Participants • Commercial Banking client expansion ($ in Millions) STABLE SYNERGISTIC DEPOSITS ($ in Thousands) Revenue: $63,811 $60,956 $71,709 $67,135 $65,294 ($ in Thousands)

21 $4,509 $4,726 $4,974 $432 $391 $563 $203 $154 $403 $5,144 $5,271 $5,940 Q4 2022 Q3 2023 Q4 2023 Asset Management Brokerage Insurance & Advisory $3,103 $3,339 $4,040 $3,583 $4,019 2019 2020 2021 2022 2023 ▪ ADVISORY AND PLANNING SERVICES • Advisory Services, Insurance Planning, Financial Planning, Education Planning ▪ INVESTMENT MANAGEMENT • Personalized SMA strategies, Tax Management and Global Perspective ▪ TRUST AND FIDUCIARY SERVICES • IRA, Agency and Personal Trust ▪ ONE ALERUS SYNERGIES • IRA rollovers • 401(k) managed accounts • Synergistic deposits totaled $253.4 million at Q4 2023 WEALTH MANAGEMENT SERVICES OVERVIEW OF SERVICES ASSETS UNDER ADMINISTRATION/MANAGEMENT REVENUE MIX ($ in Millions) SYNERGISTIC DEPOSITS ($ in Thousands) ($ in Thousands) $108,504 $101,621 $143,183 $161,973 $253,384 2019 2020 2021 2022 2023 Revenue: $15,502 $17,451 $21,052 $20,870 $21,855

22 $1,633 $1,592 $605 $297 $146 $244 $207 $67 $1,779 $1,836 $812 $364 2020 2021 2022 2023 Portfolio Sale MORTGAGE BANKING OVERVIEW OF SERVICES YEARLY MORTGAGE ORIGINATIONS ($ in Millions) QUARTERLY RESULTS ▪ 1st and 2nd mortgage product offerings through centralized mortgage operations in Minneapolis, Minnesota ▪ 86% of 2023 originations sourced from the Twin Cities MSA ▪ Enhanced technology with 82% of applications through digital channel QUARTERLY ORIGINATIONS Purchase: 45.2% 51.2% 88.3% 96.7% Refinance: 54.8% 48.8% 11.7% 3.3% Purchase: 92.2% 97.7% 94.6% Refinance: 7.8% 2.3% 5.4% ($ in Millions) Q4 Q1 Q2 Q3 Q4 ($ in Thousands) 2022 2023 2023 2023 2023 Orignation and Sale $ 3,145 $ 1,463 $ 2,432 $ 2,917 $ 1,593 Fair Value Changes (974) 254 473 (407) (314) Total Revenue $ 2,171 $ 1,717 $ 2,905 $ 2,510 $ 1,279 Gain on Sale Margin 3.0% 3.0% 2.8% 3.0% 2.5% $87 $93 $58 $39 $17 $7 $126 $110 $65 Q4 2022 Q3 2023 Q4 2023 Portfolio Sale

23 $24,076 $23,966 $23,792 $1,892 $1,883 $1,858 $4,405 $4,774 $5,686 $1,454 $1,716 $2,345 $6,121 $4,921 $4,973 $37,948 $37,260 $38,654 Q4 2022 Q3 2023 Q4 2023 Other(1) Professional Fees and Assessments Business Services, Software and Technology Occupancy and Equipment Compensation and benefits NONINTEREST EXPENSE 1 – Other noninterest expense consists of intangible amortization, marketing and business development, supplies and postage, travel, mortgage and lending, and other noninterest expense. QUARTERLY HIGHLIGHTS YEAR OVER YEAR HIGHLIGHTS ▪ Noninterest expense increased $1.4 million, or 3.7%, over the last quarter ▪ The increase was primarily driven by a $0.9 million increase in business services, software and technology which was driven by seasonally higher contract renewals due to inflationary pressures and equipment purchases ▪ Additionally, there was a $0.6 million increase in professional fees and assessments driven primarily by higher fees resulting from increased audit, examination, and other professional fees ▪ Noninterest expense increased $0.7 million, or 1.9%, compared to the fourth quarter of 2022 ▪ The increase was primarily driven by inflationary pressures in business services, software and technology expense, higher professional fees and assessments due to higher auditing fees and an increase in FDIC assessments ($ in Thousands) Noninterest 3.7% Linked quarter Expense 1.9% Year-over-year

24 306% 674% 1,437% 821% 410% 2019 2020 2021 2022 2023 1.39% 1.73% 1.80% 1.27% 1.30% 2019 2020 2021 2022 2023 0.33% 0.17% 0.09% 0.10% 0.22% 2019 2020 2021 2022 2023 ASSET QUALITY AND RESERVE LEVELS OVERVIEW NPA / ASSETS (%) RESERVES / NPL (%) RESERVES / LOANS (%) ▪ Non-performing loans remain at low levels ▪ Reserve levels remain strong despite an increase in non-performing loans in 2023 ▪ Strong credit quality continues to be evidenced by a third straight quarter of net recoveries NCO/ Avg Loans 0.33% 0.03% (0.04)% 0.02% (0.04)%

25 ($ in thousands) Total Assets $ 3,896,811 Cash and cash equivalents 122,485 Unencumbered Securities (at Market Value) 527,892 Total On Balance Sheet Liquidity 650,377 FHLB Borrowing Capacity 706,574 Fed Funds Lines 107,000 Brokered CD Capacity 779,362 Total Off Balance Sheet Liquidity 1,592,936 Total Liquidity as of 12/31/2023 $ 2,243,313 11.1% 9.2% 9.8% 11.3% 10.6% 12.9% 13.2% 15.1% 13.7% 12.1% 2019 2020 2021 2022 2023 Tier 1 Leverage Tier 1 Capital 16.7% 16.8% 18.6% 16.5% 14.8% 2019 2020 2021 2022 2023 STRONG CAPITAL AND SOURCES OF LIQUIDITY COMMON EQUITY TIER 1 TIER 1 CAPITAL/TIER 1 LEVERAGE RATIOS TOTAL RISK BASED CAPITAL SOURCES OF LIQUIDITY Regulatory Capital Minimum to be considered adequately capitalized. Tier 1 Capital Leverage Regulatory Capital Minimum to be considered adequately capitalized. 12.5% 12.8% 14.7% 13.4% 11.8% 2019 2020 2021 2022 2023 6% 4% 8%

26 KEY TAKEAWAYS ALERUS HAS ESTABLISHED A STRONG FOUNDATION HEADING INTO 2024 ▪ Loan and deposit growth was robust in the fourth quarter, putting Alerus in a strong position to start 2024 ▪ Net interest margin increased 10 basis points from 2.27% in the third quarter to 2.37% in the fourth quarter of 2023 ▪ Noninterest income, excluding net losses on investment securities of $24.6 million, was 54.1%(1) of total revenues for the quarter, highlighting our durable and differentiated business model ▪ Total assets under administration/management were $40.7 billion, a 6.3% increase from third quarter of 2023 ▪ Credit quality remains strong as nonperforming assets are 0.22% of total assets and the quarter had net recoveries of 0.04% ▪ Returned $5.8 million to shareholders through dividends and share repurchases during the quarter ▪ Capital levels remain strong and continue to far exceed the minimum levels required to be well capitalized 1 - Excludes net losses on investment securities of $24.6 million in 4Q23 which represents a non-GAAP Financial measure. See “Non-GAAP Disclosure Reconciliation.”

27 APPENDIX

28 BY OUTSTANDING BALANCES WELL DIVERSIFIED LOAN PORTFOLIO Data as of 12/31/2023. 1-4 Residential 1st 25% 1-4 Residential Construction 1% 1-4 Residential Jr Lien 1% HELOC 4% RE Loans to be Sold 1% C&I 20% Ag Production 1% Other CRE 21% Owner Occupied CRE 10% Ag Land 1% Multifamily 9% Other Consumer 1% RE Construction 5%

29 SUMMARY BY INDUSTRY TYPE TOTAL COMMITMENT COMMERCIAL & INDUSTRIAL1 1 – Commercial and industrial loans includes C & I, loans to public entities, and other loans. It excludes ag production loans. “Other” includes to the following industries (1) Nonclassifiable establishments, (2) Management of Companies and Enterprises, (3) Administrative and Support and Waste Management and Remediation Services, (4) Accommodation and Food Services, (5) Educational Services, (6) Other Services (except Public Administration), (7) Information, (8) Arts, Entertainment, and Recreation, (9) Agriculture Forestry, Fishing, and Hunting, (10) Public Administration), (11) Mining Quarrying, and Oil and Gas Extraction, and (12) Utilities. “Other Retail Trade” includes the following sub-industries within Retail Trade: (1) Miscellaneous Store Retailers, (2) Furniture and Home Furnishings Stores, (3) Sporting Goods, Hobby, Musical Instrument, and Book Stores, (4) Clothing and Clothing Accessories Stores, and (5) General Merchandise Stores. Transportation and Warehousing 3% Health Care and Social Assistance 9% Professional, Scientific and Technical Services 7% Manufacturing 13% Real Estate and Rental and Leasing 12% Wholesale Trade 7% Construction 9% Finance and Insurance 9% Other 15% Motor Vehicle and Parts Dealers 10% Food and Beverage Stores 1% Electronics and Appliance Stores 2% Health and Personal Care Services 2% Other Retail Trade 1% Retail Trade 16% Data as of 12/31/2023.

30 LOANS SECURED BY REAL ESTATE TOTAL COMMITMENT COMMERCIAL REAL ESTATE1 1 – Total commitment commercial real estate loans include multifamily loans, ag land, other CRE, owner occupied CRE, real estate construction and ag production. 2 – Total commitment investor real estate loans include multifamily loans, other CRE and real estate construction loans. TOTAL COMMITMENT INVESTOR REAL ESTATE2 Data as of 12/31/2023. Office 13% Retail 11% Warehouse 10% Manufacturing 1 % Residential Development 1% Commercial Development 1 % Mixed Commercial 2 % Apartments 15% Hotel 6 % Medical or Nursing Facilities 8 % Special Purpose Commercial 1 % Other 1 % Commercial Construction 27% Ag Land 3 % Office 10% Retail 8% Warehouse 7% Manufacturing 1% Residential Development 1% Mixed Commercial 1% Apartments 19% Hotel 8% Medical or Nursing Facilities 9% Special Purpose Commercial 1% Other 1% Commercial Construction 34%

31 LOANS SECURED BY REAL ESTATE Portfolio Avg FICO Avg LTV 1 st Mortgage 774 53% Junior 765 74% HELOC 796 73% TOTAL COMMITMENT RESIDENTIAL REAL ESTATE 1-4 1st Mortage 62% 1-4 Family Jr Liens 3% 1-4 Family Revolving 30% 1-4 Family Construction 4% Held for Sale 1% Data as of 12/31/2023.

32 LINE OF CREDIT UTILIZATION C&I AND HOME EQUITY LINES OF CREDIT1 1 – Commercial and industrial loans includes revolving C & I loans and other loans. It excludes non-revolving C&I loans, ag production, and loans to public entities. 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% - 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 2017 2018 2019 2020 2021 2022 1Q23 2Q23 3Q23 4Q23 C&I Funded Unfunded Funded% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% - 50,000 100,000 150,000 200,000 250,000 300,000 350,000 2017 2018 2019 2020 2021 2022 1Q23 2Q23 3Q23 4Q23 Home Equity Lines of Credit Funded Unfunded Funded%

33 CECL ADOPTION – DRIVERS OF CHANGE FROM ALLL ALLOWANCE FOR CREDIT LOSSES ON LOANS 1 – ACL is the allowance for credit losses on loans and excludes the allowance for investment securities held-for-maturity, and the allowance for unfunded commitments. Portfolio changes primarily represent the impact of increases/decreases in loan balances, age and mix due to new originations, as well as credit quality and net charge-off activity. Economic/Qualitative factors primarily represent our evaluation and determination of an economic forecast applied to our loan portfolio, as well as updates to qualitative factors. ($ in Thousands) Data as of 12/31/2023.

34 CHANGES IN THE ACL FOR LOANS BY PORTFOLIO SEGMENT ALLOWANCE FOR CREDIT LOSSES ON LOANS 1 – The difference in the credit loss expense reported herein compared to the consolidated statements of income is associated with the credit loss expense of $2.2 million related to off-balance sheet credit exposure and $40 thousand related to investment securities held-to-maturity. ($ in thousands) Commercial Commercial and industrial $ 9,233 $ (707) $ 645 $ (436) $ 1,158 $ 9,893 Real estate construction 1,437 2,550 2,125 — — 6,112 Commercial real estate 12,761 (131) (778) — 45 11,897 Total commercial 23,431 1,712 1,992 (436) 1,203 27,902 Consumer Residential real estate first mortgage 5,857 2,269 (1,829) (49) 330 6,578 Residential real estate junior lien 1,318 (27) (115) (77) 52 1,151 Other revolving and installment 540 (96) (273) (51) 92 212 Total consumer 7,715 2,146 (2,217) (177) 474 7,941 Total $ 31,146 $ 3,858 $ (225) $ (613) $ 1,677 $ 35,843 Ending Balance Year ended December 31, 2023 Loan Charge-offs Loan Recoveries Beginning Balance Provision for Credit Losses(1) Adoption of ASC 326(1)

35 ALLOCATION BY LOAN PORTFOLIO SEGMENT ALLOWANCE FOR CREDIT LOSSES ON LOANS ($ in thousands) Commercial and industrial $ 9,893 21.6% $ 9,233 23.9% Real estate construction 6,112 4.5% 1,437 4.0% Commercial real estate 11,897 40.8% 12,761 36.0% Residential real estate first mortgage 6,578 26.4% 5,857 27.8% Residential real estate junior lien 1,151 5.6% 1,318 6.2% Other revolving and installment 212 1.1% 540 2.1% Total loans $ 35,843 100.0% $ 31,146 100.0% total loans December 31, 2023 December 31, 2022 (1) Allocated of loans to Allowance total loans Allocated Allowance of loans to Percentage Percentage 1 – Pre-ASC 326 adoption allowance for loan losses.

36 FINANCIAL HIGHLIGHTS 1 – Represents a non-GAAP financial measure. See “Non-GAAP Disclosure Reconciliation”. ($ in thousands, except where otherwise noted) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 December 31, 2023 December 31, 2022 Total Assets $ 3,779,637 $ 3,886,773 $ 3,832,978 $ 3,869,138 $ 3,896,811 $ 3,896,810 $ 3,779,637 Total Loans 2,443,994 2,486,625 2,533,522 2,606,430 2,756,088 2,756,088 2,443,994 Total Deposits 2,915,484 3,031,978 2,852,855 2,872,184 3,095,611 3,095,611 2,915,484 Tangible Common Equity1 287,330 290,900 290,792 284,137 305,186 305,186 287,330 Net Income $ 10,909 $ 8,186 $ 9,104 $ 9,161 $ (14,754) $ 11,696 $ 40,005 ROAA (%) 1.17 0.88 0.96 0.95 (1.51) 0.31 1.14 ROATCE(%)1 16.63 12.58 13.71 13.51 (18.85) 5.37 15.09 Net Interest Margin (FTE) (%) 3.09 2.70 2.52 2.27 2.37 2.46 3.04 Efficiency Ratio (FTE) (%)1 69.62 74.53 72.79 73.37 165.40 85.85 72.86 Non-Int. Income/Op. Rev. (%) 48.62 51.63 53.69 58.21 3.54 47.74 52.72 Earnings per common share - diluted $ 0.53 $ 0.40 $ 0.45 $ 0.45 $ (0.73) $ 0.58 $ 2.10 Total Equity/Total Assets (%) 9.44 9.24 9.33 9.03 9.47 9.47 9.44 Tang. Cmn. Equity/Tang. Assets (%)1 7.74 7.62 7.72 7.47 7.96 7.96 7.74 Loans/Deposits (%) 83.83 82.01 88.81 90.75 89.03 89.03 83.83 NPLs/Loans (%) 0.16 0.09 0.10 0.35 0.32 0.32 0.16 NPAs/Assets (%) 0.10 0.05 0.07 0.23 0.22 0.22 0.10 Allowance/NPLs (%) 820.93 1,657.32 1,383.57 402.91 410.34 410.34 820.93 Allowance/Loans (%) 1.27 1.41 1.41 1.39 1.30 1.30 1.27 NCOs/Average Loans (%) (0.03) 0.03 (0.07) (0.09) (0.04) (0.04) 0.02 Quarterly Year ended

37 FINANCIAL HIGHLIGHTS 1 – Represents a non-GAAP financial measure. See “Non-GAAP Disclosure Reconciliation”. ($ in thousands, 19-'23 except where otherwise noted) 2019 2020 2021 2022 2023 CAGR Total Assets $ 2,356,878 $ 3,013,771 $ 3,392,691 $ 3,779,637 $ 3,896,811 13.4% Total Loans 1,721,279 1,979,375 1,758,020 2,443,994 2,756,088 12.5% Total Deposits 1,971,316 2,571,993 2,920,551 2,915,484 3,095,611 11.9% Tangible Common Equity1 240,008 274,043 307,663 287,330 305,186 6.2% Net Income $ 29,540 $ 44,675 $ 52,681 $ 40,005 $ 11,696 ROAA (%) 1.34 1.61 1.66 1.14 0.31 ROATCE(%)1 17.46 17.74 18.89 15.09 5.37 Net Interest Margin (FTE) (%) 3.65 3.22 2.90 3.04 2.46 Efficiency Ratio (FTE) (%)1 73.22 68.40 70.02 72.86 85.85 Non-Int. Income/Op. Rev. (%) 60.50 64.05 62.86 52.72 47.74 Earnings per common share - diluted 1.91 2.52 2.97 2.10 0.58 Total Equity/Total Assets (%) 12.12 10.96 10.59 9.44 9.47 Tang. Cmn. Equity/Tang. Assets (%)1 10.38 9.27 9.21 7.74 7.96 Loans/Deposits (%) 87.32 76.96 60.19 83.83 89.03 NPLs/Loans (%) 0.45 0.26 0.12 0.16 0.32 NPAs/Assets (%) 0.33 0.17 0.09 0.10 0.22 Allowance/NPLs (%) 305.66 674.13 1,437.05 820.93 410.34 Allowance/Loans (%) 1.39 1.73 1.80 1.27 1.30 NCOs/Average Loans (%) 0.33 0.03 (0.04) 0.02 (0.04) Annual

38 NON-GAAP DISCLOSURE RECONCILIATION ($ in thousands, except where otherwise noted) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 December 31, 2023 December 31, 2022 Tangible common equity to tangible assets Total common stockholders' equity $ 356,872 $ 359,118 $ 357,685 $ 349,402 $ 369,127 $ 369,127 $ 356,872 Less: Goodwill 47,087 47,087 47,087 46,783 46,783 46,783 47,087 Less: Other intangible assets 22,455 21,131 19,806 18,482 17,158 17,158 22,455 Tangible common equity (a) 287,330 290,900 290,792 284,137 305,186 305,186 287,330 Total assets 3,779,637 3,886,773 3,832,978 3,869,138 3,896,811 3,896,811 3,779,637 Less: Goodwill 47,087 47,087 47,087 46,783 46,783 46,783 47,087 Less: Other intangible assets 22,455 21,131 19,806 18,482 17,158 17,158 22,455 Tangible assets (b) 3,710,095 3,818,555 3,766,085 3,803,873 3,832,870 3,832,870 3,710,095 Tangible common equity to tangible assets (a)/(b) 7.74% 7.62% 7.72% 7.47% 7.96% 7.96% 7.74% Tangible common equity per common share Total stockholders' equity $ 356,872 $ 359,118 $ 357,685 $ 349,402 $ 369,127 $ 369,127 $ 356,872 Less: Goodwill 47,087 47,087 47,087 46,783 46,783 46,783 47,087 Less: Other intangible assets 22,455 21,131 19,806 18,482 17,158 17,158 22,455 Tangible common equity (c) 287,330 290,900 290,792 284,137 305,186 305,186 287,330 Common shares outstanding (d) 19,992 20,067 19,915 19,848 19,734 19,734 19,992 Tangible common equity per common share (c)/(d) $ 14.37 $ 14.50 $ 14.60 $ 14.32 $ 15.46 $ 15.46 $ 14.37 Return on average tangible common equity Net income $ 10,909 $ 8,186 $ 9,104 $ 9,161 $ (14,754) $ 11,696 $ 40,005 Add: Intangible amortization expense (net of tax) 1,046 1,046 1,046 1,046 1,046 4,184 3,756 Net income, excluding intangible amortization (e) 11,955 9,232 10,150 10,207 (13,708) 15,880 43,761 Average total equity 349,812 361,857 360,216 361,735 349,382 358,267 346,355 Less: Average goodwill 46,283 47,087 47,087 46,882 46,783 46,959 39,415 Less: Average other intangible assets (net of tax) 18,243 17,209 16,153 15,109 14,067 15,624 17,018 Average tangible common equity (f) 285,286 297,561 296,976 299,744 288,532 295,684 289,922 Return on average tangible common equity (e)/(f) 16.63% 12.58% 13.71% 13.51% (18.85%) 5.37% 15.09% Efficiency Ratio Noninterest expense $ 37,948 $ 37,869 $ 36,373 $ 37,260 $ 38,654 $ 150,157 $ 158,770 Less: Intangible amortization expense 1,324 1,324 1,324 1,324 1,324 5,296 4,754 Adjusted noninterest expense (i) 36,624 36,545 35,049 35,936 37,330 144,861 154,016 Net interest income 26,964 23,658 22,234 20,395 21,552 87,839 99,729 Noninterest income 25,517 25,253 25,778 28,407 791 80,229 111,223 Tax-equivalent adjustment 124 124 140 180 226 671 429 Total tax-equivalent revenue(j) 52,605 49,035 48,152 48,982 22,569 168,739 211,381 Efficiency ratio (i)/(j) 69.62% 74.53% 72.79% 73.37% 165.40% 85.85% 72.86% Quarterly Year ended

39 NON-GAAP DISCLOSURE RECONCILIATION ($ in thousands, except where otherwise noted) 2019 2020 2021 2022 2023 Tangible common equity to tangible assets Total common stockholders' equity $ 285,728 $ 330,163 $ 359,403 $ 356,872 $ 369,127 Less: Goodwill 27,329 30,201 31,490 47,087 46,783 Less: Other intangible assets 18,391 25,919 20,250 22,455 17,158 Tangible common equity (a) 240,008 274,043 307,663 287,330 305,186 Total assets 2,356,878 3,013,771 3,392,691 3,779,637 3,896,811 Less: Goodwill 27,329 30,201 31,490 47,087 46,783 Less: Other intangible assets 18,391 25,919 20,250 22,455 17,158 Tangible assets (b) 2,311,158 2,957,651 3,340,951 3,710,095 3,832,870 Tangible common equity to tangible assets (a)/(b) 10.38% 9.27% 9.21% 7.74% 7.96% Tangible common equity per common share Total stockholders' equity $ 285,728 $ 330,163 $ 359,403 $ 356,872 $ 369,127 Less: Goodwill 27,329 30,201 31,490 47,087 46,783 Less: Other intangible assets 18,391 25,919 20,250 22,455 17,158 Tangible common equity (c) 240,008 274,043 307,663 287,330 305,186 Common shares outstanding (d) 17,050 17,125 17,213 19,992 19,734 Tangible common equity per common share (c)/(d) $ 14.08 $ 16.00 $ 17.87 $ 14.37 $ 15.46 Return on average tangible common equity Net income $ 29,540 $ 44,675 $ 52,681 $ 40,005 $ 11,696 Add: Intangible amortization expense (net of tax) 3,224 3,129 3,460 3,756 4,184 Net income, excluding intangible amortization (e) 32,764 47,804 56,141 43,761 15,880 Average total equity 231,084 310,208 346,059 346,355 358,267 Less: Average goodwill 27,329 27,439 30,385 39,415 46,959 Less: Average other intangible assets (net of tax) 16,101 13,309 18,548 17,018 15,624 Average tangible common equity (f) 187,654 269,460 297,126 289,922 295,684 Return on average tangible common equity (e)/(f) 17.46% 17.74% 18.89% 15.09% 5.37% Efficiency Ratio Noninterest expense $ 142,537 $ 163,799 $ 168,909 $ 158,770 $ 150,157 Less: Intangible amortization expense 4,081 3,961 4,380 4,754 5,296 Adjusted noninterest expense (i) 138,456 159,838 164,529 154,016 144,861 Net interest income 74,551 83,846 87,099 99,729 87,839 Noninterest income 114,194 149,371 147,387 111,223 80,229 Tax-equivalent adjustment 347 455 492 429 671 Total tax-equivalent revenue(j) 189,092 233,672 234,978 211,381 168,739 Efficiency ratio (i)/(j) 73.22% 68.40% 70.02% 72.86% 85.85% Annual

40 NON-GAAP DISCLOSURE RECONCILIATION Q4 2022 Q3 2023 Q4 2023 December 31, 2023 December 31, 2022 Noninterest Income Excluding Net Losses on Investment Securities as a Percentage of Adjusted Revenue Noninterest income $ 25,517 $ 28,407 $ 791 $ 80,229 $ 111,223 Less: Net gains (losses) on investment securities — — (24,643) (24,643) — Noninterest income excluding net losses on investment securities (a) 25,517 28,407 25,434 104,872 111,223 Net interest income (b) 26,964 20,395 21,552 87,839 99,729 Adjusted revenue (a) + (b) = (c) 52,481 48,802 46,986 192,711 210,952 Noninterest income excluding net losses on investment securities as a percentage of adjusted revenue (a) / (c) 48.62% 58.21% 54.13% 54.42% 52.72% Banking Revenue Excluding Net Losses on Investment Securities as a Percentage of Adjusted Revenue Banking fees and other income(1) $ 1,604 $ 2,021 $ (21,745) $ (15,331) $ 6,297 Less: Net gains (losses) on investment securities — — (24,643) (24,643) — Banking fees and other income(1) excluding net losses on investment securities (d) 1,604 2,021 2,898 9,312 6,297 Adjusted banking revenue (d) + (b) = (e) 28,568 22,416 24,450 97,151 106,026 Banking revenue excluding net losses on investment securities as a percentage of adjusted revenue (e) / (c) 54.43% 45.93% 52.04% 50.41% 50.26% Banking Fees and Other Income(1) Excluding Net Losses on Investment Securities as a Percentage of Adjusted Revenue Banking fees and other income(1) excluding net losses on investment securities as a percentage of adjusted revenue (d) / (c) 3.06% 4.14% 6.17% 4.83% 2.99% ($ in thousands, except for where otherwise noted) Quarterly Year ended 1 – Banking fees and other income consists of service charges on deposit accounts, interchange income and other noninterest income.

41 NON-GAAP DISCLOSURE RECONCILIATION Q4 2022 Q3 2023 Q4 2023 December 31, 2023 December 31, 2022 Adjusted Net Income Net Income $ 10,909 $ 9,161 $ (14,754) $ 11,696 $ 40,005 Less: Net gains (losses) on investment securities — — (19,222) (19,222) — Less: BOLI mortality proceeds (not taxable) — — — 1,196 — Less: Gain on sale of ESOP business — 2,165 — 2,165 — Add: Minnesota Housing donation — — 195 195 — Add: Severance and signing bonus expense 522 115 324 1,823 1,515 Adjusted Net Income1 (a) 11,431 7,111 4,987 29,575 41,520 Adjusted Earnings Per Share Adjusted net income (a) $ 11,431 $ 7,111 $ 4,987 $ 29,575 $ 41,520 Dividends and undistributed earnings allocated to participating securities 42 67 (209) (5) 416 Adjusted net income available to common (b) 11,389 7,044 5,196 29,580 41,104 Diluted average common shares outstanding (c) 20,232 20,095 19,996 20,143 18,884 Adjusted earnings per share (b) / (c) 0.56 0.35 0.26 1.47 2.18 Adjusted Return on average assets Average total assets (d) 3,706,722 3,821,601 3,868,206 3,816,927 3,500,655 Adjusted return on average assets (a)/(d) 1.22% 0.74% 0.51% 0.77% 1.19% Adjusted Return on average tangible common equity Adjusted net income (a) $ 11,431 $ 7,111 $ 4,987 $ 29,575 $ 41,520 Add: Intangible amortization expense (net of tax) 1,046 1,046 1,046 4,184 3,756 Adjusted net income, excluding intangible amortization (f) 12,477 8,157 6,033 33,759 45,276 Average total equity 349,812 361,735 349,382 358,267 346,355 Less: Average goodwill 46,283 46,882 46,783 46,959 39,415 Less: Average other intangible assets (net of tax) 18,243 15,109 14,067 15,624 17,018 Average tangible common equity (g) 285,286 299,744 288,532 295,684 289,922 Adjusted return on average tangible common equity (f)/(g) 17.35% 10.80% 8.30% 11.42% 15.62% ($ in thousands, except for per share data and where otherwise noted) Quarterly Year ended 1 – Adjusted items are shown after-tax using a 22% tax rate. BOLI mortality proceeds are not taxable.