| 8.56608 % | Alerus Financial, N.A. | 2,175,784 | 30,115 | |
| 6.11538 % | BlackRock Institutional Trust Company, N.A. | 1,553,306 | -64,833 | |
| 4.93100 % | The Vanguard Group, Inc. | 1,252,474 | 58,210 | |
| 4.08030 % | Alerus Financial Corp ESOP | 1,036,396 | -977,046 | |
| 3.17553 % | Newman (Randy L.) | 806,584 | 2,354 | |
| 2.98048 % | Dimensional Fund Advisors, L.P. | 757,041 | 72,789 | |
| 2.20998 % | Geode Capital Management, L.L.C. | 561,336 | 23,112 | |
| 2.02337 % | Endeavour Capital Advisors Inc. | 513,935 | -13,348 | |
| 1.86854 % | State Street Global Advisors (US) | 474,608 | 70,834 | |
| 1.56905 % | 1st & Main Growth Partners | 398,538 | -53,103 | |
| 1.48719 % | Columbia Threadneedle Investments (US) | 377,745 | -1,927 | |
| 1.35881 % | Wellington Management Company, LLP | 345,137 | 17,958 | |
| 1.15961 % | Choreo, LLC | 294,542 | 8,727 | |
| 1.11056 % | AllianceBernstein L.P. | 282,081 | -4,900 | |
| 1.00879 % | Grace & White, Inc. | 256,233 | 0 | |
| 0.96843 % | Gabelli Funds, LLC | 245,981 | 245,981 | |
| 0.93197 % | AQR Capital Management, LLC | 236,720 | 171,984 | |
| 0.92008 % | Tontine Asset Management, LLC | 233,700 | -156,094 | |
| 0.89549 % | Keeley-Teton Advisors, LLC | 227,455 | 58,036 | |
| 0.85318 % | M3F, Inc. | 216,708 | 29,261 | |
| 0.77323 % | Foundry Partners, LLC | 196,400 | -1,170 | |
| 0.77219 % | Charles Schwab Investment Management, Inc. | 196,135 | 11,560 | |
| 0.74988 % | C.S. McKee | 190,470 | 190,470 | |
| 0.64743 % | Northern Trust Investments, Inc. | 164,447 | -10,590 | |
| 0.61417 % | Cutler Capital Management, L.L.C. | 156,000 | -2,972 | |
| 0.53354 % | Morgan Stanley Smith Barney LLC | 135,519 | 130,801 | |
| 0.52286 % | BlackRock Financial Management, Inc. | 132,806 | 2,161 | |
| 0.51171 % | Renaissance Technologies LLC | 129,975 | 3,315 | |
| 0.49828 % | American Century Investment Management, Inc. | 126,564 | -1,307 | |
| 0.45765 % | Citadel Advisors LLC | 116,243 | 9,284 | |
| 0.43558 % | Sippican Capital Advisors LLC | 110,638 | 9,653 | |
| 0.40496 % | Morgan Stanley & Co. LLC | 102,860 | 50,286 | |
| 0.38530 % | Mairs and Power, Inc. | 97,867 | 203 | |
| 0.38484 % | Los Angeles Capital Management LLC | 97,749 | 51,405 | |
| 0.38368 % | Nuveen LLC | 97,455 | 79,483 | |
| 0.37152 % | Two Sigma Investments, LP | 94,367 | -15,324 | |
| 0.33710 % | Fortress Financial Group, LLC | 85,623 | 276 | |
| 0.31667 % | BlackRock Investment Management, LLC | 80,433 | 14,567 | |
| 0.29109 % | Goldman Sachs Asset Management, L.P. | 73,936 | 23,535 | |
| 0.28832 % | Acadian Asset Management LLC | 73,233 | 0 | |
| 0.28703 % | Mellon Investments Corporation | 72,906 | 373 | |
| 0.28514 % | Marshall Wace LLP | 72,425 | 54,418 | |
| 0.25316 % | Carson Wealth Management Group | 64,302 | 4,547 | |
| 0.23717 % | Basswood Capital Management, LLC | 60,240 | 0 | |
| 0.23487 % | Millennium Management LLC | 59,658 | -49,393 | |
| 0.21919 % | Hendry (Jon) | 55,675 | 3,207 | |
| 0.20600 % | Barclays Bank PLC | 52,324 | 15,242 | |
| 0.20569 % | Vetter (Galen G) | 52,244 | 2,354 | |
| 0.19795 % | Wealth Forward, LLC | 50,279 | 0 | |
| 0.19353 % | Goldman Sachs & Company, Inc. | 49,157 | 7,792 | |
| 0.19291 % | Pinnacle Holdings, LLC | 48,999 | 0 | |
| 0.19041 % | Lorenson (Katie A.) | 48,365 | -1 | |
| 0.18626 % | Coughlin (Daniel E.) | 47,311 | 2,354 | |
| 0.18292 % | Federated MDTA LLC | 46,461 | -536 | |
| 0.18009 % | Qube Research & Technologies Ltd | 45,743 | -6,231 | |
| 0.14959 % | BofA Global Research (US) | 37,997 | 5,851 | |
| 0.13886 % | BNY Mellon Asset Management | 35,271 | 2,299 | |
| 0.13219 % | HSBC Global Asset Management (UK) Limited | 33,576 | 586 | |
| 0.13052 % | LPL Financial LLC | 33,152 | 202 | |
| 0.12702 % | Rhumbline Advisers Ltd. Partnership | 32,263 | 1,072 | |
| 0.12412 % | Dimensional Fund Advisors, Ltd. | 31,527 | 0 | |
| 0.11484 % | J.P. Morgan Securities LLC | 29,169 | -7,866 | |
| 0.11462 % | Susquehanna International Group, LLP | 29,114 | -1,173 | |
| 0.11307 % | Cetera Investment Advisers LLC | 28,720 | 6,575 | |
| 0.10906 % | Cubist Systematic Strategies, LLC | 27,701 | -9,090 | |
| 0.10178 % | Mariner Wealth Advisors | 25,853 | 2,275 | |
| 0.09746 % | Taylor (Karin M) | 24,756 | -1 | |
| 0.09360 % | Invesco Capital Management LLC | 23,774 | -1,823 | |
| 0.08770 % | GSA Capital Partners LLP | 22,275 | 22,275 | |
| 0.08440 % | Jane Street Capital, L.L.C. | 21,438 | -2,460 | |
| 0.08428 % | Numeric Investors LLC | 21,408 | -19,195 | |
| 0.08045 % | UBS Financial Services, Inc. | 20,435 | 3,798 | |
| 0.07932 % | SEI Investments Management Corporation | 20,147 | 0 | |
| 0.07913 % | Lafayette Investments, Inc. | 20,100 | 0 | |
| 0.07820 % | Aperio Group, LLC | 19,862 | 1,772 | |
| 0.07767 % | Quantinno Capital Management LP | 19,727 | 19,727 | |
| 0.07681 % | XTX Markets LLC | 19,510 | 19,510 | |
| 0.07630 % | Parametric Portfolio Associates LLC | 19,379 | -5,079 | |
| 0.07556 % | Perot Investments | 19,191 | -558 | |
| 0.07243 % | LSV Asset Management | 18,398 | -9,338 | |
| 0.07037 % | Inspire Investing | 17,873 | -706 | |
| 0.06920 % | Squarepoint Capital LLP | 17,577 | 17,577 | |
| 0.06846 % | Northern Trust Global Investments Limited | 17,388 | 165 | |
| 0.06794 % | IEQ Capital LLC | 17,256 | 17,256 | |
| 0.06707 % | First Premier Bank | 17,036 | 0 | |
| 0.05967 % | BlackRock Fund Advisors | 15,155 | 0 | |
| 0.05894 % | Black Maple Capital Management LP | 14,972 | 2,137 | |
| 0.05691 % | Wells Fargo Bank, N.A. | 14,454 | 1,128 | |
| 0.05592 % | Wilson (Forrest) | 14,204 | 5,000 | |
| 0.05585 % | Verition Fund Management LLC | 14,185 | 14,185 | |
| 0.05522 % | Arrowstreet Capital, Limited Partnership | 14,027 | 14,027 | |
| 0.05418 % | DWS Investments UK Limited | 13,762 | -10,519 | |
| 0.05233 % | Collins (Jim) | 13,293 | -1 | |
| 0.05162 % | Aviance Capital Partners, LLC | 13,111 | 0 | |
| 0.05161 % | MetLife Investment Management, LLC | 13,109 | -156 | |
| 0.05145 % | Estep (Janet O) | 13,069 | 2,354 | |
| 0.04857 % | Mirae Asset Global Investments (USA) LLC | 12,337 | -1,083 | |
| 0.04795 % | INTECH Investment Management LLC | 12,180 | -695 | |
| 0.04512 % | Invesco Advisers, Inc. | 11,460 | 610 | |
| 0.04485 % | Bolton (Jeffrey) | 11,392 | 2,354 | |