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.

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 (http://bit.ly/Vqsa80) 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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