Alerus Financial Corporation (ALRS) will raise its quarterly dividend by 12.5 percent to 18 cents per share in 2022. This comes after a dividend hike of  6.7 percent to 16 cents per share last year by ALRS.

The next ALRS dividend is payable on July 8, 2022, to shareholders of record as of close of business on June 17, 2022. A new 72 cent per share annual dividend rate yields 2.8% at a stock price of $22.85.

Alerus Financial Corporation, through its subsidiary Alerus Financial, N.A., offers business and consumer banking products and services, residential mortgage financing, employer-sponsored retirement plan and benefit administration, and wealth management including trust, brokerage, insurance, and asset management. Alerus Financial banking and wealth management offices are located in Grand Forks and Fargo, N.D., the Minneapolis-St. Paul, Minn. metropolitan area, and Scottsdale and Mesa, Ariz. Alerus Retirement and Benefits plan administration offices are located in St. Paul and Albert Lea, Minn., East Lansing and Troy, Mich., and Bedford, N.H.