Bremer Financial Corporation, the parent company of Bremer Bank, reports strong results for the first quarter of 2018, including return on average equity of 12.77% and return on average assets of 1.20%. The Company earned net income of $35.2 million, compared to $28.8 million during the first quarter of 2017 and $30.1 million in the fourth quarter of 2017. The net income growth reflects a year-over-year interest income increase of 2.7% and average loan growth of 2.0%, as well as the favorable impact of tax reform.
The Company provided $34.1 million in first quarter dividends to shareholders, comprised of a standard dividend payment of $14.1 million and a supplemental dividend of $20.0 million. Included in total dividends was $31.4 million provided to the Company’s majority owner the Otto Bremer Trust, a charitable trust, and $2.7 million to Bremer employees.
The first quarter 2018 dividend follows $51.8 million in dividends paid to the company’s shareholders during 2017, which included $47.7 million to Otto Bremer Trust, and $4.1 million to Bremer employees.
Each year 92% of the bank’s dividends go to the Otto Bremer Trust, while 8% of the dividends go Bremer employees. Since 2010, Bremer has distributed $378.1 million to all shareholders, with $347.9 million going to the Otto Bremer Trust.
“Our consistent financial results reflect the strong commitment of our dedicated team,” said President and CEO Jeanne Crain. “I’m proud of the consultative work our employees do each day to help our customer’s meet their financial goals, which in turn, helps to strengthen our communities. Thanks to their efforts our year is off to a strong start.”