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Bremer Financial Corporation reports second quarter 2023 results


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.

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 and celebrating 80 years, 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.