Bremer Financial Corporation, parent company of Bremer Bank, reports results for the first quarter of 2023, including quarter-to-date return on average equity of 12.96 percent. Net income for the first quarter of 2023 was $45.0 million, compared to net income of $47.7 million for the fourth quarter of 2022 and $43.2 million for the first quarter of 2022. The company’s overall results reflect continued strength of core operating performance and strong credit quality.
“Last quarter’s notable financial industry events reinforced Bremer’s core strengths and ability to support its customers. Throughout our history, Bremer has cultivated strong and deep relationships with a diverse customer base across multiple markets. Foundational to our business model is robust risk management that prioritizes long-term sustainability, which our successful results reflect. With a strong and diversified core deposit base, ample access to liquidity, and a strong capital position, we are well positioned for continued growth” said President and CEO Jeanne Crain.
The company distributed $20.3 million in dividends to shareholders during the first quarter of 2023. This includes $18.7 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 $1 billion in dividends to all shareholders, including over $998 million to the Otto Bremer Trust.