Bremer Financial Corporation, parent company of Bremer Bank, reports results for the first quarter of 2020, including return on average equity of 10.15 percent and return on average assets of 1.01 percent. The company earned net income of $33.0 million in the first quarter of 2020, compared to $42.1 million in the fourth quarter of 2019 and $35.1 million in the first quarter of 2019. The company’s net income result for the first quarter of 2020 compared to prior periods reflects strong core performance, offset by the impact of higher credit loss reserves resulting from the COVID-19 pandemic.
“These results reflect the strength of our core business. Economic uncertainty resulting from the COVID-19 outbreak have affected banks worldwide, and we expect it will continue to play a factor in the foreseeable future,” said President and CEO Jeanne Crain. “Bremer remains steadfast in our commitment to serving our customers and our communities, which in turn supports our long-term financial performance.”
The company distributed $31.2 million in dividends to shareholders during the first quarter of 2020. This includes $28.7 million to the Otto Bremer Trust.
Each year, 92 percent of Bremer’s dividends are provided to the Otto Bremer Trust, while 8 percent are provided to Bremer employees. Since 1989, Bremer has distributed over $850 million in dividends to all shareholders, including over $800 million paid to the Otto Bremer Trust.