Bremer Financial Corp., parent company of Bremer Bank, reported quarter-to-date return on average equity of 14.59 percent and return on average assets of 1.30 percent during the second quarter. Net income was $53.1 million, compared to net income of $44.1 million for the second quarter of 2020.
Year-to-date net income for the six months ended June 30 was $102.3 million, compared to year-to-date net income of $77.1 million for the six months ended June 30. The company’s results compared to prior periods reflect strong operational performance, stabilizing and improving credit quality, and continued support of customer participation in the Paycheck Protection Program, the company said.
“We remain optimistic in Bremer’s ability to grow as economic conditions improve and we continue to add talent and innovative solutions to our offerings, enhancing our competitiveness and helping our customers thrive and grow,” said President and CEO Jeanne Crain.
The company distributed $17.5 million in dividends to shareholders during the second quarter of 2021. This includes $16.1 million to the Otto Bremer Trust. Total year-to-date dividends distributed for the six months ended June 30 were $35 million, including $32.2 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 approximately $969 million in dividends to all shareholders, including approximately $891 million to the Otto Bremer Trust.