Bremer Financial Corporation, which is opening a Duluth branch this year, reported its second quarter 2019 financial results Aug. 5.
Return on average equity was 12.42 percent and return on assets was 1.15 percent. The company earned net income of $36.4 million for the second quarter of 2019, resulting in $71.5 million in year-to-date net income for 2019. Results include the impact of nearly 6 percent loan growth from the second quarter of 2018 to the second quarter of 2019 and stable credit quality.
Bremer Financial Corporation paid a dividend of $14.4 million for the second quarter of 2019, which followed $44.4 million in dividends paid during the first quarter of 2019.
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 employees 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.
“Our strong second quarter performance is a reflection of our ongoing success to advance our market position as a specialized commercial and ag bank. We had fun creating excitement for our team and our customers when we revealed our fresh new look in May. Our updated brand reflects our ability to invest in our business for the long term and stay relevant in a fast-changing world. As always, our results are driven by our collaborative and curious team that goes above and beyond for the benefit of our customers,” said Jeanne Crain, Bremer Financial Corporation President and CEO.