Alerus Financial (ALRS) said Tuesday it has closed the sale of three non-performing loans with a total net book balance of $33.6 million at the end of March.

The loans, representing a construction, land and development relationship, were on nonaccrual, and were the largest non-performing relationship in the portfolio, the company said.

The loans represented 62.3% of total nonperforming loans and 62.1% of total nonperforming assets, Alerus said. Nonperforming assets to total loans were 1.34% at the end of March, it added.

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