Bremer Financial Corporation, parent company of Bremer Bank, reports results for the second quarter of 2023, including quarter-to-date return on average equity of 9.95 percent. Net income for the second quarter of 2023 was $35.4 million, compared to net income of $45.0 million for the first quarter of 2023 and $50.7 million for the second quarter of 2022. The company’s overall results reflect broader funding mix and cost dynamics in the banking industry, partially offset by continued strength of core operating performance and strong credit quality.
“The external environment of historic inflation and interest rate hikes has resulted in banks across the country progressing through a challenging cycle. Bremer’s business strategy is strong, with a steadfast focus on our customers and communities. We are confident in our future and the work we are driving to position Bremer and our customers for continued success,” said President and CEO Jeanne Crain.
The company distributed $20.3 million in dividends to shareholders during the second 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 $1 billion to the Otto Bremer Trust.