Bremer Financial Corporation, parent company of Bremer Bank, reports strong results for the second quarter of 2018, including return on average equity of 13.97% and return on average assets of 1.27%. The Company earned net income of $38.2 million for the second quarter of 2018, compared to $31.5 million for the second quarter of 2017 and $35.2 million for the first quarter of 2018. The net income growth reflects increases in net interest income, favorable credit performance, and improvement in the provision for income taxes.
“We are proud of our year-to-date performance which reflects the ongoing commitment of our bankers to add value through specialized, consultative relationships,” said President and CEO Jeanne Crain. “We know our best opportunities for growth are earned through understanding our customer’s unique needs and providing the appropriate expertise and solutions.”
The Company distributed $14.1 million in dividends to shareholders during the second quarter 2018, which includes $13.0 million to the Company’s majority owner the Otto Bremer Trust, a charitable trust, and $1.1 million to Bremer employees.
Each year 92% of Bremer’s dividends are provided to the Otto Bremer Trust, while 8% are provided to Bremer employees. Since 2010, Bremer has distributed $392.2 million in dividends to all shareholders, including $360.8 million provided to the Otto Bremer Trust.