GRAND FORKS, N.D. (AP) — GRAND FORKS, N.D. (AP) — Alerus Financial Corporation (ALRS) on Wednesday reported first-quarter net income of $23 million.

On a per-share basis, the Grand Forks, North Dakota-based company said it had net income of 89 cents.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 58 cents per share.

The company posted revenue of $97.8 million in the period. Its adjusted revenue was $76.4 million.

Alerus shares have climbed 14% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $25.75, a rise of 28% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ALRS at https://www.zacks.com/ap/ALRS