Bremer Financial Corporation, parent company of Bremer Bank, reported its second quarter 2019 financial results today.
The company earned net income of $42.4 million for the third quarter of 2019, resulting in $113.9 million in year-to-date net income for 2019. This resulted in a year-to-date return on average equity of 12.88 percent and return on assets of 1.21 percent. Results include the impact of over 7% loan growth from the third quarter of 2018 to the third quarter of 2019 and stable credit quality.
Bremer Financial Corporation paid a dividend of $14.4 million for the third quarter of 2019, which followed $58.8 million in dividends paid during the first two quarters of 2019. Consistent dividend growth to shareholders reflect the company’s earnings stability, strong capital position, and commitment to disciplined and strategic growth.
Each year, 92 percent of Bremer’s dividends are paid to the company’s majority owner, the Otto Bremer Trust, and 8 percent of the dividends are paid to employees of Bremer Financial Corporation. In 2018, the company distributed $76.4 million in dividends to shareholders, including $70.3 million to the Otto Bremer Trust and $6.1 million to Bremer employees.