Bremer Financial Corporation, parent company of Bremer Bank, reports results for the third quarter of 2018, including return on average equity of 13.61% and return on average assets of 1.26%. The Company earned net income of $38.3 million for the third quarter of 2018, compared to $33.6 million for the third quarter of 2017 and $38.2 million for the second quarter of 2018. The company’s net income growth reflects increases in net interest income, favorable credit performance, and improvement in the provision for income taxes.
“Our results this quarter reflect continued strong performance across our business,” said President & CEO Jeanne Crain. “During the third quarter we also advanced our digital capabilities with the creation of a new chief strategy officer role and announced a partnership that will enable us to launch an automated lending platform to enhance the business and agricultural lending experience for our customers.”
The Company distributed $14.1 million in dividends to shareholders during the third 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 $406.3 million in dividends to all shareholders, including $374.9 million provided to the Otto Bremer Trust.