Bremer Financial Corporation, parent company of Bremer Bank, reports results for the second quarter of 2020, including year-to-date return on average equity of 11.78 percent and return on average assets of 1.10 percent. Net income for the first six months of 2020 was $77.1 million, compared to net income of $71.5 million for the first six months of 2019. The company’s net income year-to-date results 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 Bremer’s commitment to our customers and our communities, and speaks to the strength of our core business. The first wave of economic uncertainty resulting from the COVID-19 outbreak has reached financial institutions worldwide, and we expect its effects will be felt into the foreseeable future,” said President and CEO Jeanne Crain. “Bremer remains as committed today to serving our customers and communities as ever, which in turn supports our long-term financial performance.”
The company distributed $16.2 million in dividends to shareholders during the second quarter of 2020. This includes $14.9 million to the Otto Bremer Trust. Total dividends paid during the first six months of 2020 were $47.4 million, including $43.6 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.