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Bremer Financial Corporation reports first quarter 2023 results


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.

About Bremer Financial Corporation

Bremer Financial Corporation is a privately held, regional financial services company with $16 billion in assets, jointly owned by the Otto Bremer Trust and Bremer employees. Founded in 1943 by Otto Bremer, the company is headquartered in St. Paul, Minnesota and provides a comprehensive range of banking, mortgage, investment, wealth management, and insurance products and services throughout Minnesota, North Dakota and Wisconsin. Clients include small businesses, mid-sized corporations, agribusinesses, nonprofits, public and government entities, and individuals and families.