Bremer Financial Corporation, parent company of Bremer Bank, reports results for the first quarter of 2021, including quarter-to-date return on average equity of 14.20 percent and return on average assets of 1.27 percent. Net income for the first three months of 2021 was $49.2 million, compared to net income of $33.0 million for the first three months of 2020. The company’s year-to-date results compared to prior periods reflects strong operational performance, stabilization of credit loss reserves, the impact of higher residential mortgage activity, and continued support of customer participation in the Paycheck Protection Program.
“These results reflect Bremer’s resiliency and focus on our customers through a challenging environment. As the economy opens up and conditions improve, we are optimistic about Bremer’s opportunities to grow and enhance our competitiveness in the marketplace with the combination of talented bankers and innovative solutions to help our customers achieve their goals,” said President and CEO Jeanne Crain.
The company distributed $17.5 million in dividends to shareholders during the first quarter of 2021. This includes $16.1 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 $940 million in dividends to all shareholders, including over $865 million to the Otto Bremer Trust.