Bremer Financial Corporation, parent company of Bremer Bank, reported a record dividend in its first quarter results today.
Bremer Financial Corporation declared a dividend of $44.4 million for the first quarter of 2019, comprised of a standard dividend payment of $14.4 million and an additional dividend payment of $30 million. The substantial additional dividend was declared as a result of a strong capital position and follows a recent record dividend of $34.1 million declared in March 2018.
Each year, 92 percent of Bremer’s dividends are paid to the company’s majority owner, the Otto Bremer Trust, and 8 percent of the dividends are paid to the employee shareholders of Bremer Financial Corporation. In 2018, the company distributed $76.4 million in dividends to shareholders, including $70.3 million to the Otto Bremer Trust and $6.1 million to Bremer employees.
The company’s first quarter 2019 results include a return on average equity of 12.42 percent and a return on average assets of 1.15 percent. The company earned a net income of $35.1 million for the first quarter of 2019, compared to $35.2 million for first quarter 2018. The company’s net income includes growth in net interest income and favorable credit performance.
“Our strong first quarter performance is a reflection of success as we commit to making strategic investments that enhance our service and approach to our customers. With a disciplined approach to growing the organization, we are thrilled to pay this record dividend to the Otto Bremer Trust and our employees,” said Jeanne Crain, President of Bremer Bank.