Bremer Financial Corporation, parent company of Bremer Bank, reports results for the third quarter of 2020, including year-to-date return on average equity of 12.03 percent and return on average assets of 1.11 percent. Net income for the first nine months of 2020 was $120.5 million, compared to net income of $113.9 million for the nine months of 2019. The company’s year-to-date results compared to prior periods reflects strong operational performance, offset by the impact of higher credit loss reserves resulting from the COVID-19 pandemic.
“These results reflect Bremer’s continued focus on our customers and our competitiveness in the marketplace. We are proud that through the current environment, Bremer continues to drive strong core business performance, maintain a strong regulatory capital position, and serve and meet the expectations of all our stakeholders. We have all seen the effects of economic uncertainty resulting from the COVID-19 outbreak as it has touched our communities, and it is likely that these effects will continue to be felt into the foreseeable future,” said President and CEO Jeanne Crain. “Bremer remains as committed as ever to serving our customers and communities – that is what will always drive our long-term financial performance.”
The company distributed $17.4 million in dividends to shareholders during the third quarter of 2020. This includes $16 million to the Otto Bremer Trust. Total dividends paid during the first nine months of 2020 were $64.8 million, including $59.6 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 $900 million in dividends to all shareholders, including over $825 million paid to the Otto Bremer Trust.